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MarketNews29thOctober2019

U.S. stocks closed just short of Monday’s record level as investors searched for new catalysts to push risk assets higher.

Here’s where the markets settled Tuesday at the end of regular equity trading:

S&P 500 (^GSPC): -0.08%, or 2.55 points

Dow (^DJI): -0.07%, or 20.04 points

Nasdaq (^IXIC): -0.59%, or 49.13 points

WTI crude oil prices: (CL=F): -0.5% to $55.54 per barrel

10-year Treasury yield (^TNX): -1.8 bps to 1.835%

Gold (GC=F): -0.29% to $1,491.40 per ounce

The S&P 500 moved to both a record intraday and closing high Monday. Be that as it may, Tuesday's losses snapped a four-day series of wins for the index. Optimism that President Donald Trump's stage one economic trade deal with China would get finished, an extension to Brexit until January and better than anticipated third quarter corporate profit results had sent risk assetshigher, breaking the blue-chip index out of the holding pattern it had been in for the majority of the most recent three months.

Possibilities of still-simpler monetary policy have additionally given traders motivation to purchase stocks. As of Tuesday evening, markets priced in an over 97% probability that the Federal Reserve will cut benchmark interest rates a third time this year on Wednesday, the second session of their October rate-setting meeting.

As of Tuesday morning, companies comprising just over half of the S&P 500’s market capitalization had reported third-quarter results. These earnings have beaten expectations by 3.6%, and 71% of companies topped their own profit expectations, according to a report from Credit Suisse analyst Jonathan Golub. This compares to 5.4% and 71%, respectively, over the past three years.

Yuto Haruki – NA International

info@nainternational.com

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