In an all familaur move of the current market, U.S. stock experienced gains and losses today as mixed reports surrounding the future of the U.S.- China trade deal surfaced today. President Donald Trump spoke to reporters in London that "discussions are going very well." According to Bloomberg, Chinese Ministry of Commerce spokesman Gao Feng stated that negotiators from both sides have remained in close contact. Feng did however say that the phase one deal should include tariff reductions, which is a point that both sides still disagree on.
Here's how the market settled Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In U.S. Economic News, according to the U.S. Commerce Department the U.S. trade deficit shrank to its narrowest level since May 2018 in October. The overall deficit totaled to $47.2 billion for the month, which is lower than the $48.5 billion that was expected. September's total was also revised slightly lower to $51.1 billion from $51.5 billion. October's total was brought down from a drop in imports from China.
In U.S. Stock Sector News, most stocks traded well as the week begins to end. The many sectors that experienced share gains today include Materials +0.66%, Information Technology +0.39%, Communication Services +0.39%, Financials +0.37%, Real Estate +0.05%, Industrials +0.05%, Health Care +0.03%, and Utilities +0.02%. The others that saw share losses today include Energy -0.50%, Consumer Discretionary -0.22%, and Consumer Staples -0.19%.
Lastly, In Commodity and Currency News, members of OPEC met today to discuss their plans for output in the coming year. Bloomberg reported that the Joint Ministerial Monitoring Committee of OPEC was recommending a reduction of 500,000 barrels per day to help curb the global oversupply. West Texas Intermediate's barrel prices increased almost +0.20% and Brent Crude maintained its gains by climbing over +0.60%. Gold also saw slight share gains today, with prices increasing just over +0.05%. Lastly, the U.S. Dollar did not fair well in trading Thursday, with the DXY Index dropping over -0.20%.
