The meeting between President Donald Trump and President Xi Jinping yielded significant agreements, including reduced U.S. fentanyl tariffs in exchange for China restarting “tremendous amounts” of U.S. soybean imports, a settled deal on rare earths, and strong indications that a broader trade deal is “pretty soon.”
Despite the positive meeting, Fed Chair Jerome Powell’s speech from Wednesday weighed on stocks as he cautioned that another cut is “not a foregone conclusion—far from it,” pushing back against expectations that had built up across financial markets in recent weeks.
Meanwhile, the 10-year Treasury bond yielded 4.07% and the two-year bond was at 3.59%. The CME Group's FedWatch tool‘s projections show markets pricing a 70.4% likelihood of the Federal Reserve cutting the current interest rates during its December meeting. –
Futures
Change (+/-)
Dow Jones
-0.19%
S&P 500
0.03%
Nasdaq 100
0.06%
Russell 2000
0.36%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were mixed in premarket on Thursday. The SPY was up 0.048% at $687.06, while the QQQ advanced 0.033% to $635.98, according to Benzinga Pro data.
Stocks In Focus
Alphabet
Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) soared 7.57% in premarket on Thursday after reporting better-than-expected financial results for the third quarter, with a revenue of $102.35 billion and earnings of $2.87 per share, both beating estimates.
GOOG maintained a stronger price trend over the short, medium, and long terms, as per Benzinga’s Edge Stock Rankings, with a robust quality ranking. Additional performance details are available here.
Meta Platforms
Meta ...
