Economy

Markets Right Now: Stocks open broadly higher on Wall Street

Markets Right Now: Stocks open broadly higher on Wall Street

Despite the gains, Wall Street was set for its worst month since May after escalations in U.S.

A spokesman for China's Commerce Ministry said Thursday that the USA and China remain in communication over possible talks in September and added that Beijing hopes to prioritize discussions about removing the latest tariffs announced by President Trump to prevent a further escalation of the trade war.

Defensive sectors stay in negative territory amid strong risk appetite.

The Dow Jones Industrial Average rose 41.03 points, or 0.2%, to 26,403.28.

The three main indexes are on track to wrap up the week with the biggest gains since June, after coming under enormous selling pressure for much of the month due to escalating trade tensions and fears of a looming recession. The bond market seemingly confirmed these fears when long-term bond yields fell below short-term ones, a so-called inversion in the USA yield curve that has correctly predicted previous recessions.

Bond prices fell Friday, but long-term bond yields continued to trail short-term ones.

A published report noted that China's commerce ministry said it is discussing the next round of in-person trade negotiations with the U.S.to be held next month.

Dell Technologies Inc jumped 9.7% as the PC maker beat analysts' estimates for profit, aided by higher demand for desktops as well as a focus on more profitable contracts within its server unit in China.

The yield on the 10-year Treasury rose to 1.50% from 1.47% late Wednesday.

More news: US Open: Novak Djokovic retires against Stan Wawrinka as title defence ends

The Trump administration on Wednesday made official its additional 5 per cent tariff on $300 billion in Chinese imports and set collection dates of September 1 and December 15, prompting several hundreds of U.S. companies to warn of price hikes.

Ulta Beauty plunged 29.6% after reporting weak results and cutting its estimates.

Investors are also bracing for a new round of USA tariffs on some Chinese goods that would come into effect on Sunday.

Still, investors were encouraged by a Chinese government statement Thursday that its penalties on USA products are adequate. Still, the three main indexes are on course to log their worst monthly performance since a selloff in May, on fears that tit-for-tat tariffs will drive the global economy into recession.

The three main indexes opened higher, following data which showed strong US consumer spending in July and signals from Washington and Beijing on Thursday, that they will resume trade talks, as the countries discussed the next round of in-person negotiations in September.

Campbell Soup rose 3.9% and Big Lots added 3.4%. Brent crude oil, the worldwide standard, gained 59 cents to close at $61.08 a barrel. Heating oil declined 3 cents to $1.83 per gallon. The S&P retail index climbed 1.67 per cent. Natural gas rose 5 cents to $2.30 per 1,000 cubic feet.

Gold fell $7.40 to $1519.10 per ounce, silver rose 2 cents to $18.19 per ounce and copper fell 3 cents to $2.53 per pound.

EUR/USD was down 0.58% to 1.0991, while USD/JPY fell 0.20% to 106.28. The euro weakened to $1.1052 from $1.1079.

About 6.01 billion shares changed hands on USA exchanges, compared with the 7.23 billion daily average over the last 20 sessions.


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