(Friday Market Close) The market has a lot on its plate besides turkey and stuffing as it heads into a holiday-shortened week. Though some of the major indices staged a little rally Friday amid hopes for possible traction on China trade, that didn’t hide the fact that the S&P 500 Index (SPX) suffered a 1.7% loss over the week as a whole.
On a positive note, Friday was the second day to see the SPX rally into the close. It also was the first time the SPX recorded back-to-back daily gains since a three-session stretch in the green from Nov. 5-7.
All the uncertainty about trade, Brexit, and interest rates still hangs over the proverbial trading floor, while info tech can’t seem to buy a break from bad news. Semiconductor earnings weakness is just the latest issue to hit tech after the sector suffered earlier this year from the privacy controversy and more recently from earnings disappointments at IBM (IBM) and Apple (AAPL). The Nasdaq (COMP), which many of the tech firms call home, didn’t join in Friday’s gains.
Apple clawed back a little on Friday after hitting bear market territory earlier in the week, but it was generally a rough week for AAPL and its fello
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The market starts Friday burdened by a long list of potential negative factors that could help snuff out yesterday’s late rally. The semiconductor space looks like it’s under pressure after more weak earnings, and news on Brexit and China trade looks bearish.
While retail earnings season continues to look firm with today’s results from Walmart, the situation with Brexit remains uncertain. The dollar is on the rise again, and that could pose a challenge for the broader market.
Stocks appear to have a more positive tone this morning after relatively subdued inflation data and what sounds like some progress on the Brexit front. Still, trading could be back-and-forth as volatile crude and remarks later today from Fed Chair Powell might keep investors on their toes.
This morning, momentum seems to have swung into positive territory after yesterday’s rout, as one of the nation’s large retailers reported better-than-expected earnings and a report said that China and the United States have re-started trade talks.
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