Day Traders Diary
The major averages finished mixed today, cooling off from a strong two day rally. Weaker than expected jobs data out this morning and comments from the Fed Chairmen to not lend support to the markets. The Dow Jones Industrial Average ended the day up 69 points 26,797. The S&P 500 climbed just 0.1% to close at 2,978 while the Nasdaq Composite slipped into the red down 13 points to 8,103.
For the week, the Dow and S&P 500 both gained at least 1.5% while the Nasdaq climbed 1.8%. Those gains came amid hopes that the world's two largest economies could soon make substantial progress in de-escalating their protracted trade dispute.
China's Ministry of Commerce said Thursday that Liu He, the country's top trade negotiator, spoke by phone with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. They agreed to meet in early October for another round of negotiations, according to the Chinese Commerce Ministry. China insiders have also hinted that the upcoming trade talks could lead to a "breakthrough."
In corporate news, Lululemon shares jumped more than 7% on quarterly results that topped analyst expectations. The apparel maker said its same-store sales — a key metric for retailers — rose 15% for the year-earlier period. Lands' End and Signet Jewelers also rose 2.5% and 4%, respectively, on better-than-expected earnings. Facebook was one of the few dogs today as New York announced a formal antitrust investigation into the company.
Treasury yields dipped from their session highs on the data. The 10-year Treasury yield slipped to 1.57% from around 1.6% earlier in the day.
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