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| U.S. markets soar to fresh highs, extending November’s record-setting start | |
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| All three U.S. stock indices leapt to fresh highs after market open Monday, extending last week’s record-breaking run, as investors respond to strong economic data, blockbuster earnings and trade optimism. | |
| The Dow Jones industrial average was up more than 125 points at open , putting it within striking distance of a new record high close, last set in July. The Standard & Poor’s 500 and Nasdaq were both up in morning trading, already on track to top the fresh highs they set on Friday. | |
| Markets have rallied thanks to a better-than-expected jobs report in a month marked by one of the largest private-employer strikes in recent years and assurances from both U.S. and Chinese trade officials that a deal is forthcoming. The S&P 500 is up 22 percent for the year, headed for its best performance since 2013. | |
| “Fresh record highs seem likely, as US stocks rise on continued momentum from last week’s blockbuster employment report and this weekend’s trade optimism,” Ed Moya, an analyst with OANDA, wrote in a note to investors Monday. | “Fresh record highs seem likely, as US stocks rise on continued momentum from last week’s blockbuster employment report and this weekend’s trade optimism,” Ed Moya, an analyst with OANDA, wrote in a note to investors Monday. |
| Over the weekend, U.S. Commerce Secretary Wilbur Ross said that American companies would soon be granted licenses to sell to Chinese tech titan Huawei, lifting a ban that has been a contentious point in trade negotiations. Chinese trade officials said on Friday they had reached a consensus with U.S. negotiators on phase one of a trade deal. | Over the weekend, U.S. Commerce Secretary Wilbur Ross said that American companies would soon be granted licenses to sell to Chinese tech titan Huawei, lifting a ban that has been a contentious point in trade negotiations. Chinese trade officials said on Friday they had reached a consensus with U.S. negotiators on phase one of a trade deal. |
| President Trump and Chinese President Xi Jinping were expected to sign phase one at the Asia-Pacific Economic Cooperation forum later this point, but Chile canceled the forum due to political unrest. But Trump has insisted a deal is still coming, and he told reporters at the White House on Friday that he wants it signed on U.S. soil. He suggested Iowa as a possible location — a state he won in 2016 but which has been among the hardest hit by the 16-month trade war. | President Trump and Chinese President Xi Jinping were expected to sign phase one at the Asia-Pacific Economic Cooperation forum later this point, but Chile canceled the forum due to political unrest. But Trump has insisted a deal is still coming, and he told reporters at the White House on Friday that he wants it signed on U.S. soil. He suggested Iowa as a possible location — a state he won in 2016 but which has been among the hardest hit by the 16-month trade war. |
| “We’re thinking about Iowa, you know why, because it would be the largest order in history for farmers. So to me, Iowa makes sense. I love Iowa. It’s a possibility,” Trump said. | “We’re thinking about Iowa, you know why, because it would be the largest order in history for farmers. So to me, Iowa makes sense. I love Iowa. It’s a possibility,” Trump said. |
| Scandals and shake-ups dragged down some key players in early trading. McDonald’s shares were down 2 percent in premarket trading after the fast-food juggernaut announced Sunday that chief executive Steve Easterbrook had been fired for a consensual relationship with an employee that violated company policy. Chris Kempczinski, former president of McDonald’s USA, will replace Easterbrook as CEO. | |
| And sportswear giant Under Armour was down more than 14 percent in premarket trading after the Wall Street Journal reported that the company had been under federal investigation for more than two years over accounting practices. Despite posting strong quarterly numbers Monday, Under Armour cut its 2019 revenue forecast for the second straight time. | And sportswear giant Under Armour was down more than 14 percent in premarket trading after the Wall Street Journal reported that the company had been under federal investigation for more than two years over accounting practices. Despite posting strong quarterly numbers Monday, Under Armour cut its 2019 revenue forecast for the second straight time. |
| News of the probe comes just two weeks after founder Kevin Plank announced he’d be stepping down as chief executive on Jan. 1, after 23 years with the company. He will be replaced by Patrik Frisk, the chief operating officer. | News of the probe comes just two weeks after founder Kevin Plank announced he’d be stepping down as chief executive on Jan. 1, after 23 years with the company. He will be replaced by Patrik Frisk, the chief operating officer. |