Global optimism. Stocks are up this morning as investors watch for any developments in U.S. and China officials’ face-to-face trade talks. President Trump announced that Thursday’s discussions went “very well,” and he is scheduled to meet with Vice Premier Liu He today. Global stocks are also getting a lift from positive developments in discussions around a deal for the United Kingdom to exit the European Union (Brexit).
A second day of talks. A limited U.S.-China trade deal or trade truce to avoid future tariffs may be the best-case scenario from this round of talks. However, any progress here would be important thawing before the Asia-Pacific Economic Cooperation (APEC) Summit in November. Trade progress would also be a relief for global investors, who have been saddled with elevated trade and political uncertainty for the past several months. We’ll dig into U.S.-China trade discussions more today on the LPL Research blog.
Back near highs. The S&P 500 Index has spent the last two weeks in its August trading range between 2,822 and 2,950 following the October 1 breakdown below tactical support at 2,950. Trade optimism has pushed the index back above 2,950, a positive sign if stocks can hold this level going into the weekend. We still see strong technical support at the August lows of 2,822.
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