US President Donald Trump has received a major reprieve, as Special Counsel Robert Mueller’s probe didn’t find any evidence of collusion between the president’s campaign and Russia.
However, bulls hoping for a market bounce after the sell-off on March 22 could be in for a disappointment, as S&P 500 (SPY) futures are pointing to a weak opening.
Over the last week, economic growth concerns have intensified. The US Federal Reserve has signaled no more rate hikes for this year. On any other day, the move would have triggered a buying spree—but this time, it was otherwise, as the markets saw the dovish stance as an indicator of a weakening economy.
Economic data points from other countries have also been far from satisfactory, with Germany’s manufacturing purchasing managers’ index falling to a multiyear low. Optimism over a US-China trade deal also got a reality check after President Trump said that tariffs on Chinese goods could remain for a “substantial period.” Growth concerns that spooked the markets in the fourth quarter are now pretty much back on the table.
According to CNBC, Art Hogan, chief market strategist at National Securities, said, “We may well have removed a nagging concern, but the current concerns like the China trade war and overseas grief that outweighs that.” Bruce McCain, chief investment strategist at Key Private Bank, said, “I think that most people have discounted the findings of the Mueller investigation in comparison to the Chinese trade war and tensions overseas trends.”
Exelon (EXC) stock is trading almost at its ten-year high. The stock is more than 4% and 11% above its 50-day and 200-day levels.
After opening on a bearish note on Wednesday, Tesla (TSLA) was trading with 4.8% losses for the day, near $195.25 at 1:16 PM ET.
With voting conducted in seven phases panning six weeks, India’s (EPI) elections have been a grand affair—to say the least. Tomorrow is the day of the results.
Qualcomm (QCOM) stock fell more than 10% in the first half of trading on May 22 after it lost its licensing lawsuit with the US FTC (Federal Trade Commission).
Apple (AAPL) suffered a setback recently when the US Supreme Court allowed an antitrust lawsuit against the company to proceed.
Today doesn’t seem to be a good day for electric vehicle companies. Earlier today, NIO stock hit an all-time low of $4.00.
The cannabis sector has been struggling to find direction on May 22, with cannabis stocks trading on a largely mixed note in the first half.