After Chinese authorities cut their U.S. trip short, speculations rise whether the two biggest economies will reach a trade deal in the coming months. Since as a result of the trip, U.S futures falls flat at the start of the week.
Both sides said the discussions were constructive, but they did not give any details of what was discussed. Chinese officials announced that they will be returning home earlier than expected and will postpone their expected visit to different agricultural regions without any announcement.
Different sectors of stocks showed weakness at the start of the week.
NASDAQ futures rose 13 points at the start of the trade. However, NASDAQ’s Tesla, and Netflix was down by 0.9% and 0.7% respectively.
Tesla was down because the Delaware Judge ruled that the board of directors of the electric carmaker would have to stand trial and defend Elon Musk’s multibillion dollar pay package. In June 2018, the company was sued by shareholders for allegations of corporate waste.
On the other hand, Netflix underscored the intensifying competition in the streaming sector. HBC, and Disney pulling out their series and movies was the first step to Netflix’s loss. These new streaming options are a big factor to its continuous downfall.
while Dow Jones lost 15 points or 0.1% and S&P 500 futures were up 1 point.
Boris Johnson on Talks About Brexit
Johnson, talked about the possibility of a post-Brexit economic alliance with the US during a gathering with President Trump.
Boris Johnson made a promise to “roll out the red carpet” for American businesses with the most competitive tax rates in the hemisphere after Britain leaves the European Union.
He plans to make Britain the best place in the world to start, run and build a business. As he would like to take advantage of all the freedoms that Brexit can give. Whether its about investment advances, or devising better regulation for sectors in the UK.
The EU insisted on firm ‘ level-playing-field ‘ commitments from Britain. It’s to ensure that it could not, at dumping prices, place under-standard products in the single market of the Bloc.
Trump Impeachment Plans
Stocks dropped by word of mouth an indictment investigation will begin against President Trump as well as Trump’s furious rhetoric about both China and Iran.
With this, House Speaker Nancy Pelosi was going to announce a formal indictment investigation against President Trump later on Tuesday.
The move arose as the President pledged to publish a transcript of his phone call to the President of Ukraine, which raised questions as to whether the administration was attempting to scare the Eastern European nation into researching former Vice-President Biden and his son, Hunter Biden.
Meanwhile, the president slammed China for his stubbornness in failing to comply with U.S. requirements for more open markets. He also railed against Iran, stating that the country had lust for blood.
But, overall, investors wanted safety. Utilities and consumer staples stocks were the only sectors to move higher. Energy, technology and communications services were among the weakest sectors.
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