Day Traders Diary
The major averages closed modestly lower on concerns around the U.S.-China trade agreement struck on Frida. China wants to have additional trade talks before signing what President Donald Trump characterized Friday as a "very substantial phase one deal." It is not clear if the additional talks will take place in Beijing or Washington, however. The Dow Jones Industrial Average finished down 29 points at 26,787. The S&P 500 and Nasdaq both dipped 0.1%. Todays decline comes as the S&P 500 and Nasdaq both gained more than 1% on Friday while the Dow rallied more than 300 points, or 1.2%.
As part of phase one deal struck on Friday, China will buy between $40 billion and $50 billion in U.S. agricultural products. China also agreed to address intellectual-property concerns raised by the U.S. In return, the U.S. agreed to hold off on a tariff hike scheduled for this week.
Nine out of eleven sectors settled in the red, On the flip side, financials and real estate eked out slim gains. Bank stocks like Citigroup, Goldman Sachs, JPMorgan Chase and Wells Fargo outperformed modestly leading up to the release of their quarterly results tomorrow morning.
Market participants did not receive any economic data today, and tomorrow's data will be limited to the 8:30 ET release of the Empire State Manufacturing Survey for October.
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