S&P 500 Materials Futures Market News and Commentary
The S&P 500 Index ($SPX) this morning is up +0.10%, the Dow Jones Industrials Index ($DOWI) is up +0.02%, and the Nasdaq 100 Index ($IUXX) is up +0.26%.
The U.S. stock market recovered from overnight losses and moved slightly higher on trade optimism. Bloomberg reported this morning that U.S. and Chinese trade negotiators are laying the groundwork to delay a new round of U.S. tariffs on $160 billion of Chinese goods that is scheduled to be implemented this Sunday, Dec 15.
Stocks were supported by additional positive trade news after Canada, Mexico and the U.S. sent representatives to Mexico City today to sign amendments to a new trade agreement. The U.S. House of Representatives said they have the votes to pass the new trade agreement when they vote on it next week.
Today's U.S. economic data was mixed for stocks after Q3 non-farm productivity was revised lower to -0.2%, weaker than expectations of -0.1%. However, Q4 unit labor costs were revised to +2.5%, weake... Read more