U.S. stocks clawed back some of the previous day’s loss in early trade Wednesday as semiconductor shares scored a bounce from Micron Technologies’s late-Tuesday quarterly results.
Mnuchin told CNBC that Beijing and Washington are nearing a deal on tariffs. “We were about 90% of the way there and I think there’s a path to complete this,” he told the financial network in Bahrain. Concerns about escalating trade tensions between the China and the U.S., the world’s largest economies, have fed a sense of rising uncertainty about the health of the global economy, at least partly contributing to central banks across the world signaling a willingness to reinstitute a fresh wave of economic stimulus.
What’s more, St. Louis Fed President James Bullard said he wasn’t advocating for a too-aggressive cut of 50 basis point to key federal-funds futures rates when the Fed meets next month. “A reset of talks is likely becoming the base case scenario and if we see a timeline put in place, we could see equities resume the march towards uncharted territory,” he said.
A separate report on international trade in goods also showed the U.S. trade deficit climbed 5.1% for the same month, which was wider than expected.Market participants may also be partly watching the White House after reports indicated that Special counsel Robert Mueller will testify before the House Judiciary and Intelligence committees on July 17.
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Lies.. Damn Lies from Mnuchin! Dead Cat Jump for the Stocks!
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