Confusion in the markets: Is the China deal on or off?

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Stock Market Update Tuesday, June 23rd, 2020

Last night futures weren’t looking too good after White House adviser Peter Navarro indicated the trade deal between the U.S. and China might be “over”.

Shortly after, President Trump tweeted that the trade deal was still intact. And the futures market recovered fast!

Despite the overnight uncertainty in the futures market, stocks opened higher this morning.

The markets traded higher into a mid-day rally due to the huge New Home Sales Report! The report showed new home sales were up 16.6% over the expected 2.9%.

After the mid-day rally, the markets took a breather into the close.

The Nasdaq was leading the way today with new record highs, closing higher for the 8th day straight! The win streak is the longest since December.

The S&P and DOW were not far behind. The S&P gained a modest 0.4% and the Dow gained 0.5%.

Here’s where the major markets ended the day:

MARKETS
arrow upS&P 5003,131+13+0.4%
arrow upDow Jones26,156+131+0.5%
arrow upNasdaq10,131+75+0.7%
arrow downCrude Oil40.38-.35-0.9%
arrow upGold1782.0+15.6+0.9%
*As of market close

Expedia (EXPE) shares jumped 4.1% today! Expedia announced that it would retire its HomeAway rental brand. The company stated it would be focusing on its VRBO website.

Inovio (INO) had a HUGE day, up 41.0% today after winning a colossal contract! This contract with the DoD is valued at over $71 million! Inovio has been working on a potential Covid-19 vaccine. They also have a patented application process for this vaccine. Huge win for this biotech company!

Nvidia (NVDA) was down 0.8% at the close today! But some interesting news came out after the bell rang. Nvidia has partnered with Mercedes to power it’s new all electric vehicle! This may be some fantastic news for Nvidia stock price in the near future!

Here is the economic calendar for the week:

Real Time Economic Calendar provided by Investing.com.

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


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