Despite earlier gains during Tuesday's trading session, stocks took a mild tumble today following President Donald Trump's midday speech addressing the U.S. economy. However, all three major indexes were able to increase in later trading. The Dow Jones ended today unchanged for the first time since April 2014. Trump spoke in Manhattan at the Economic Club of New York. Based on prepared remarks from the White House, Trump was expected to praise the relative strength of the U.S. economy.
Here's how the market closed after normal trading Tuesday:
S&P 500 Index (SPY): +0.16% or +4.83 points
Dow Jones Industrial Average (DIA): remains unchanged
Nasdaq Composite Index (QQQ): +0.26% or +21.81 points
Released remarks from the White House stated that Trump would touch on delivered promises, exceeding of economic expectations, restoration of jobs for the American worker, the ended assault on American industry, and an "economic BOOM the likes of which we have never seen before." Trump instead lambasted the Federal Reserve, saying that all three of the major U.S. stock averages would be up by 25% more if the Federal Reserve was working with the administration.
Trump also used the speech as a platform to remark on the ongoing U.S.-China trade war. Trump stated that China is "dying to make a deal" and that it could happen soon. However, Trump said that if there was no U.S.-China trade deal, the U.S. is "going to substantially raise" tariffs.
In U.S. Economic news, small business optimism improved more than consensus economists expects during October. According to the Nation Federation of Independent Business, the headline index reads 102.4 for October, which is above September's 101.8 and the 102.0 that was expected. In a statement, CEO Juanita Duggan said that "small business owners are continuing to create jobs, raise wages, and grow their businesses, thank to tax cuts and deregulation, and noting is stopping them except for finding qualified workers."
In Stock Sector news, many sectors gained today despite negative updates to the trade war. Those that saw growth today include Health Care +0.58%, Materials +0.42%, Communication Services +0.30%, Information Technology +0.29%, Utilities +0.25%, Consumer Staples +0.23%, and Financials +0.04%. The few that ended negatively today include Real Estate -0.79%, Energy -0.59%, Consumer Discretionary -0.08%, and Industrials -0.03%.
In Commodity and Currency news, oil prices continue to drop into Tuesday. West Texas Intermediate slipped around -0.40%, making the price per barrel just above $56.70. Brent Crude also took a similar dive, with pricing declining almost -0.50%, pricing the oil around $62 per barrel. Gold had a mixed gains day but ended in the positive territory, with prices increasing around +0.10%. This move raised the price per ounce for the metal to above $1,457. Finally, the U.S. Dollar has pared the losses its experienced Monday, with the DXY index increasing +0.13%.