U.S. Prepares Final China Trade DealPosted 03/01/2019 9:34AM CT |
Stock futures are looking strong on this first trading day of the month, the bullish outlook is based on continuing optimism in the U.S.-China trade deal. It appears that trade negotiators are working on a final draft which could be signed in a few weeks. There is a 150-page document being prepped, but Treasury Secretary, Steve Mnuchin, cautioned that there is “more work to do”. Helping fuel the gains this morning were positive earnings reports and relatively tame inflation data. Gap Inc, Foot Locker, Puma, Novavax, and Funko all beat the streets estimates Friday morning. The personal consumption expenditures (PCE) price index, one of the Feds preferred inflation measure, rose .02 % and 1.9% on a monthly and yearly basis which matched the analysts’ estimates. Moderate inflation and slowing domestic economic growth will support the Fed’s patient stance on raising interest rates this year. Support today coming in at 2790 with some key resistance around 281500.
E-Mini S&P 500 Mar ’19 Daily Chart