Stocks Jump on Tariff Delay

 

Stocks are sharply up at mid-day Tuesday after the Office of the U.S. Trade Representative announced that the latest round of tariffs on Chinese goods would be delayed for “certain articles” until December 15. The action is being widely interpreted as a de-escalation of the U.S.-China trade war, with the likely goal of providing some momentum to negotiations, which are planned for September.

At present, the S&P 500 is up +2.06%, the DJIA is up +1.96%, and the NASDAQ is up +2.57%.

Industries doing well today include Leisure Products, Technology Hardware, Storage & Peripherals, and Multiline Retail. Industries showing weakness include Equity Real Estate Investment Trusts and Electric Utilities. The VIX is down -2.67 to 18.42 after the previous close of 21.09. The most heavily traded options this morning are for the Gold Miners Vaneck ETF (GDX), with 12,673 8/16/2019 $30.00 calls on the board. The total put/call ratio as of 10:30 AM was 0.81 (607,702/754,677). The advancers/decliners ratio for NYSE stocks is 2,332/535 while the advancers/decliners ratio for NASDAQ stocks is 2,201/770.

[InvestorsKeyhole, various news and data sources]

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