The markets were higher today as the world responded to the news of the 90-day truce between the US and China. This sent the Dow 30 higher by 287, the S&P 500 higher by 30, and the Nasdaq 100 110. In addition to this, President Trump ordered the US stock markets and government to close on Wednesday of this week to honor the late President George H.W. Bush.

Sector News

Oil was a big focus today as the price of Crude shot higher by 4%. The news comes on the heels of the weekend's events at the G20 summit, as well as expected cuts in production by OPEC. Canada also announced that they would cut production, which further helped support pricing. Oil is still lower by about 46% since hitting a high in late October.

Semiconductors were one of the other standout sectors today, as the trade news also helped support this area. All of the big-name semiconductor stocks were higher on the day, with many of them breaking above key resistance areas.

Stock News

Caterpillar (CAT  ) shares were higher by over 2% today as the stock was upgraded by BofA/Merrill Lynch. The analyst cited receding geopolitical risks thanks to the weekend announcement between China and the US, as well as comments by the Federal Reserve Chair last week which seemed to suggest a slower pace of raising rates. Technical traders note the overhead resistance of the 200-day moving average.

Ford (F  ) shares enjoyed a strong day today, as did General Motors following the Trump-Xi truce announcement over the weekend. A tweet from President Trump saying that China would reduce its import tariffs on American-made cars helped support the sector today. Ford has had some issues with the $10 area.

Nike (NKE  ) shares were higher today by almost 4% as the retailer was listed as Citi's "top pick" for 2019. The analyst cited global growth as one of the driving factors along with current valuation.