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US Market Wrap 17 August 2018

Posted by Billy Macris on 17-Aug-2018 09:36:21

It was all green on the screen for US equity markets as trade talks between China and the US looked to be back on track following National Economic Council Director Larry Kudlow confirming that a fresh round of talks between the countries will be held later in August. All S&P 500 sectors finished in positive territory with telecommunications rising 2%, the best performer and technology rose 0.25% lagging behind. We saw the Dow soar approximately 400 points higher as Walmart’s positive earnings result helped push the index higher. Shares of Walmart surged 9.3% higher after the company reported its biggest increases in U.S. sales in ten years. Gains in Boeing and Caterpillar, tariff vulnerable stocks also helped push the index higher as shares in the companies rose 4.3% and 3.2%, respectively following the trade talk news.

On the earnings front NVIDIA -4% and Applied Materials -3% have reported earnings after the closing bell where both stocks have fallen away after issuing weaker revenue forecasts and guidance for the next quarter. Department store company Nordstrom also reported after hours surging 9%, driven by strong same-store sales.                                                                                                                                       
In currency markets, the Chinese yuan gained 1.2% to 6.862 per dollar on the back of the recent news, whilst the US dollar dipped for the first time in six days as the dollar index fell 0.1%. The euro was higher by 0.27% to $1.1374, the Japanese Yen was last trading at 110.96 and the Turkish lira was last trading at 5.8370 falling away from its all-time high of 7.2362 earlier this week.

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Chart of the Day: Walmart Inc. (WMT) Daily chart

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Topics: +U.S. Market Wrap