Equity Brief: G20 Trade Truce Gains Fade to Start Holiday-Shortened Week
Matt Weller, CFA, CMT July 1, 2019 9:37 PM
Index names may not reflect tradable instruments and not all markets are available in all regions.
- US indices faded throughout the day as the glow of the G20 trade war “truce” faded. See why the S&P 500’s all-time high could be short-lived.
- Nine of eleven major sectors closed higher on the day, led by Technology’s (XLK) 1.6% gain. Utilities (XLU) were the weakest sector, shedding a quarter of a percent today.
- Oil (WTI) hit a five-week high above $60 on news of a nine-month extension to output cuts before fading to close near $59, up just 1% on the day.
- Stocks on the move:
- Semiconductor stocks rallied as the US relaxed restrictions on Chinese phone maker Huawei: AMAT +1.7%, QRVO +6%, QCOM +1.9%, AVGO +4.3%
- Boeing (BA) dumped another 7.5% as the stock continues to struggle following the grounding of its 737 Max jets.
- Coca-Cola (KO) tacked on 1.3% after an arbitration court ruled the company could sell energy drinks without violating a contract with Monster Beverage.
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