Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York City, November 21, 2019.Stocks moved between gains and losses on Wednesday during a volatile trading session. The reopening trade had another strong start, led by travel stocks such as airlines. All three large cap indexes and the Russell 2000 were looking to extend gains from Tuesday. Here's what's happening.
Michael Tran, global energy strategist at RBC, monitors traffic congestion data and said there were signs that Memorial Day was not particularly strong for the gasoline market. "Following several weeks of slow and steady improvement, our real-time GPS data suggests that many major US cities saw traffic regress even compared to activity seen over recent weekends," he wrote, noting Los Angeles traffic was down 9% from the week earlier.
The Chinese yuan has been most sensitive to the deterioration in China-U.S. relationship. It continues to hit lows. "Our view is this is a significant development and it's serious, but it's more evolutionary than revolutionary. There are still very strong commercial ties between the US and China, and some of the things China is doing reflect their own weakness at home rather than the US," said Paul Christopher, head of global market strategy at Wells Fargo.
S&P is 8.5% higher today than it was a year ago. Sounds like we are in better financial shape today than we were a year ago....I am flying to vegas for a pool party.....oh wait 😢
Bullish. Markets up
Looks to me like tech is about to start posting new all time highs again... dow is past the 618 in terms of recovery. All almost back to unnormal normal!
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