Thursday, US stocks spiked on expectations of a de-escalation in trade tensions after Washington and Beijing agreed to hold high-level talks in early October, while at the same time strong US economic data eased fears of a domestic slowdown.
The ADP National Employment Report, considered a precursor to the Labor Department’s more comprehensive jobs report, showed US private employers’ payrolls grew at the fastest pace in 4 months in August, led by big gainers in service-sector jobs.
The upbeat reports eased concerns of an economic downturn, which was exacerbated by data Tuesday that showed a contraction in US factory activity in August.
Investors will keep a close watch on the Key NFPs data due Friday.
Closing Market Snapshot
|10-yr T- Note||-31/32||1.567|
|Volume: NYSE||Adv 1895||Dec 956||878.4-M|
|Volume: NASDAQ||Adv 2261||Dec 826||2.1-B|
|Strong: Financials, Information Technology, Industrials|
|Weak: Real Estate, Utilities, Consumer Staples|
- NAS Comp +22.3% YTD
- S&P 500 +18.7% YTD
- DJIA +14.6% YTD
- Russell 2000 +12.0% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral with a Bullish bias, notably our Key indicators all turned Very Bullish mid-morning Thursday.