China follows through on Phase 1 – and stocks make record highs

Stock Market Update Thursday, February 6th, 2020

Stocks were up today after news from China. But this time it wasn’t coronavirus news.

The news moving the markets?

China announcing that they are cutting tariffs in half on $75 billion in U.S. goods.

The tariff cut is just fulfilling part of the Phase One trade deal.

But traders seemed to like the news (and China’s follow through with the Phase One details), since stocks kicked the session off with gains.

But after a higher start, stocks quickly pulled back.

After the dip, stocks were in a choppy range for the first hour of trading. The major indices then traded sideways for most of the day.

A small drift higher into the close helped the major indices finish the day back near session highs.

And with today’s gains, the major indices made new record highs and extended the recent win streak to 4 consecutive days.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.3% gain. Up 11 points, the S&P ended at 3,346.
  • The DOW ended higher by 0.3%. Adding 89 points, the DOW closed at 29,380.
  • The NASDAQ was up 0.7%. With a 63 point gain, the NASDAQ finished at 9,572.

Crude Oil (CL) finished higher for the 2nd day in a row. Up 0.5%, CL ended the day at $51.02 a barrel.

Boeing (BA) jumped 3.6% today after reports that the FAA is approving design fixes to the 737 MAX. There was news that another software flaw was discovered. But the stock still finished near session highs since there are still plans to return the plane to service mid-year 

In earnings news, Twitter (TWTR) was up 15% after earnings beat. The company announced Q4 revenue that was over $1 billion.

Invitae Corporation (NVTA), a PowerX Optimizer pick and stock that we traded during our Live Mastermind Boardroom in Cancun, rocketed higher after Andrew Left (a famous short seller) took a long position in the stock. NVTA ended the day with a 13.1% gain.

Tomorrow traders will keep an eye on the closely watched Jobs Report.

Here is the economic calendar for the week:

Real Time Economic Calendar provided by

This Stock Market Update was provided by Rockwell Trading Services LLC.

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