Day Traders Diary
The major averages are rebounding, gaining back some of the steep losses in the previous session, after indications that Chinese negotiators may be willing to compromise with the U.S. on trade issues.
China's Ministry of Foreign Affairs, said China "hopes the U.S. will meet China halfway and implement the consensus reached by the two leaders during their meeting in Osaka."
The Dow Jones Industrial Average opened modestly higher, rebounding from the worst day of the year. The S&P 500 and the Nasdaq Composite are little changed. A slew of economic data still indicates the US economy is performing well. Retail sales rose solidly in July and beat expectations. The U.S. productivity also grew a healthy 2.3% rate in the second quarter.
All or nothing on the earnings front, Walmart reported better-than-expected earnings and raised its outlook for the full year, sending the stock up 5%. Chinese firm, Alibaba is higher by 4% following earnings. To the downside, Briggs & Stratton is down 40% on earnings, Cisco Systems is down 5% on earnings and cannibas company, Canopy Growth is down 17% on earnings.
General Electric is down 8% after Madoff whistleblower Harry Markopolos said he has discovered "an Enronesque business approach that has left GE on the verge of insolvency. "
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