U.S. Stocks Mixed as U.S.-China Trade Talks Kick Off
07 Enero 2019 - 12:06PM
Noticias Dow Jones
By Will Horner and Akane Otani
U.S. stocks jumped Monday, boosted by rallying technology
shares, as officials from Washington and Beijing kicked off their
latest round of negotiations over trade policy.
The Dow Jones Industrial Average rose 195 points, or 0.8%, to
23628, wiping out early declines. The S&P 500 jumped 1.1% and
the Nasdaq Composite gained 1.5%.
Investors are beginning the week with their focus on the U.S.
and China's negotiations, something many hope will help bring the
two countries closer to a resolution in their trade fight.
The fact that policy makers in the U.S. and China have agreed to
meet is a positive sign, said Felix Lam, a portfolio manager at BNP
Paribas Asset Management. Still, the key question is whether the
two countries will reach a trade deal, Mr. Lam said.
"Any positive outcome from the trade talks would have a more
long-lasting impact on the earnings trajectory of corporations in
Asia," he said, adding that delays, on the other hand, could hit
corporate profits.
A broad rally in shares of fast-growing technology companies
pushed major indexes higher Monday.
Amazon.com, Netflix and Advanced Micro Devices jumped more than
3% apiece, with Amazon's gains putting it on course to end the day
as the largest publicly traded U.S. company.
Those advances helped offset the latest slide in Apple, which
retreated further for the year Monday. Worries about slowing iPhone
sales and a dimmer revenue forecast sent the company's shares
sharply lower last week.
Deal news also drove swings across the market.
Loxo Oncology shares surged 66% after drugmaker Eli Lilly said
was buying Loxo Oncology, adding to its cancer-treatment
portfolio.
Meanwhile, Dollar Tree shares jumped 5.8% after activist
investor Starboard Value took a stake in the company. Starboard is
pushing the retailer to sell its Family Dollar business.
Elsewhere, the Stoxx Europe 600 fell 0.1%. The U.K.'s FTSE 100
lost 0.4% as investors there awaited a parliamentary debate, set to
begin this week, on the nation's departure from the European
Union.
British Prime Minister Theresa May is widely expected to lose a
vote later this month on her planned Brexit deal. If "there remains
an impasse in the U.K. parliament at the 11th hour, then a [second
Brexit] referendum...could become the only way out of the mire,"
said UniCredit analysts in a note.
Stocks across Asia finished higher, with Japan's Nikkei Stock
Average jumping 2.4% as the yen weakened. A weaker yen tends to
help the country's exporters, since it makes their goods cheaper to
foreign buyers.
South Korea's Kospi climbed 1.4%, while the Shanghai Composite
advanced 0.7%.
Later this week, investors will get a look at fresh data on
consumer prices, something that could provide more clarity about
how quickly inflation is picking up.
Recent readings on inflation have been relatively muted, helping
bolster bets among investors that the Federal Reserve might have to
slow down its pace of interest rate increases. Federal-funds
futures showed Monday a 72% chance of the Fed holding rates steady
this year, up from 38% one month ago, according to CME Group.
Joanne Chiu contributed to this article
Write to Akane Otani at akane.otani@wsj.com
(END) Dow Jones Newswires
January 07, 2019 12:51 ET (17:51 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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