The S&P 500 index climbed to a record high today after President Donald Trump stated that the U.S. and China were near to a partial trade agreement. Trump told reporters Monday that "We are looking probably to be ahead of schedule to sign a very big portion of the China deal, we'll call it Phase One but it's a very big potion." Stronger-than-expected earnings from companies in this quarter cycle also helped boost the U.S. markets.
Here's how the market settled on a historic Monday:
S&P 500 Index (SPY): +0.56% or 16.87 points
Dow Jones Industrial Average (DIA): +0.49% or 132.66 points
NASDAQ Composite Index (QQQ): +1.01% or 82.87 points
In U.S. Economic news, the Commerce Department in an advance report found that the U.S. trade deficit in goods narrowed more-than-expected in September as both imports and exports fell during the month. To refresh, September was the start of the high tariffs imposed on trade between China and the U.S., a move that had stunted growth thought almost all global industries that trade or produce with China. The trade gap in goods decreased 3.6% o $70.4 billion, where a deficit of $73.5 billion that was expected. This is the smallest goods deficit since June 2018. Exports and imports have fallen, with the largest decliner including foods, animal feeds, and automobiles. The imports that fell the most included industrial supplies, capital goods, motor vehicles, and consumer goods.
In Stock Sector news, despite positive gains being made by all three market indexes, sectors remain mixed. The gainers for today include Information Technology +1.26%, Communication Services +1.17%, Health Care +1.04%, Financials +0.50%, Consumer Discretionary +0.38%, Materials +0.29%, and Industrials +0.26%. Those who are on the decline Monday include Utilities -1.31%, Real Estate -1.08%, Energy -0.62%, Consumer Staples -0.18%.
In Commodity news, West Texas Intermediate is on the decline today, with prices dropping almost -1.50% with the price ranging below $56. Brent Crude is not doing much better, with prices dropping around -0.65% to price a barrel almost at $62. The price of gold also joined the decliners, with prices dropping below their highs above $1,500. The metal dropped almost -0.70%, pricing around $1,493 per ounce.
Though the U.S. stock market had a positive trading day, there are still undertones of a coming recession in the next few years. President Trump tweeted Monday: "The S&P just hit an ALL TIME HIGH. This is a big win for jobs, 401-K's, and, frankly, EVERYONE! Our Country is doing great. Even killed long sought ISIS murderer, Al-Baghdadi. We are stronger than ever before, with GREAT upward potential. Enjoy!", so amid the market uncertainty, we all should enjoy the investment positivity for now.