equities

U.S benchmarks slipped late in the session yesterday after U.K Prime Minister Boris Johnson’s fast-track Brexit deal did not get through the House of Commons.
U.S benchmarks started the week off on strong and the S&P extended to one-month highs overnight. A tailwind of positive sentiment comes from Washington and China lauding substantial progress in talks while pointing to the likeliness of an interim deal.
U.S benchmarks are shaking off weaker than expected China GDP from last night, the worst in nearly 30 years. Coming in at 6.0% versus 6.1% expected, it’s an ever-present headline reminder of the deteriorating growth conditions around the world.
 U.S benchmarks have been subdued just slightly from yesterday’s exuberance. Strong earnings, solid economic data and formidable Brexit framework all lifted the S&P by 1.1% and the NQ by 1.3%.
U.S benchmarks are surging into U.S hours Friday in hopes of an interim trade deal. President Trump has lauded progress between high-level delegates and is set to meet Vice Premier Liu He today before the closing bell.
Price action broke to a new low on the week in both the S&P and NQ but has steadily recovered overnight.
The revolving U.S and China trade headlines continue and just like that the S&P was nearly 2% off last night’s low. China said Monday it would never consider changes in intellectual property laws and yesterday the U.S blacklisted 28 Chinese companies.
U.S benchmarks tacked on another 1% in losses which became capitulatory and price action bottomed out just as quickly before reversing 2% off the low.
Yesterday’s S&P 500 bloodbath is trying to stabilize, and price action is modestly higher at best. Economic data is in focus early and it was a bleak start after European Services and Composite PMIs came in below expectations.
U.S benchmarks slipped sharply south yesterday, and price action is now at one-month lows. Our narrative played out perfectly; this market must see better data in order to perform strongly.