Stocks look on track for a rally today because… trade-war fears are abating again?
Some analysts are in fact attributing the green on your screen to a report saying the U.S. and China are talking about talking things out.
It may be time to just throw up your hands and buy âem, suggests our call of the day, which comes from Kevin Muir, writing over at The Macro Tourist.
âEvery bone in my body wants to sell this market,â he writes, but that bearish trade is âso obvious, it canât be right.â
Everyone seems to be bearish, and âthe investor in me agrees 100% with the skeptics who worry we are late-cycle and that risks are rising,â says Muir, who is a market strategist at East West Investment Management.
âBut the trader in me is even more concerned that everyone is already positioned for this outcome,â he adds.
âMarkets often go where they will hurt the most and make the majority look foolish. That path is higher â not lower.â
The proverbial âwall of worryâ just keeps growing and âgiving the market more fuel to rise,â he says.
Go here to read Muirâs full take.
more buyers than sellers https://t.co/ui5e3IpNxO
— Eddy Elfenbein (@EddyElfenbein) July 12, 2018
Read: Hereâs when Americans will start feeling the pain from escalating tariffs
And: What any American who eats should know about Trumpâs trade fight for farmers
Key market gauges
Futures for the Dow
Â , S&P 500
are higher. Thatâs after the Dow
Â , S&P
and Nasdaq Composite
slumped yesterday, as fresh trade jitters appeared to bring an end to the gaugesâ four-day win streaks.
and Asia have been seas of green. Oil prices are rebounding after Brent
plunged 7% yesterday as WTI
dived 5%, waylaid by expectations for higher global output. GoldÂ
and the dollar index
are up modestly, while bitcoin
trades in the vicinity of $6,200.
See the Market Snapshot column for the latest action.
The reports and charts on global trade are coming in fast, and Deutsche Bank economist Torsten Slok is jumping in as he shares his monthly chartbook.
For instance, his graphic above illustrates how China has become GMâs
biggest market. General Motors CEO Mary Barra soon may be filing injunctions against the Trump administration, said a recent Wall Street Journal opinion piece.
Slok also offers the chart below showing the tariffs that have been threatened vs. those actually implemented.
Read more: How Trumpâs European auto tariff proposal could backfire
And see: Trade-war tracker â the new tariffs, imposed and threatened
founder John Schnatter resigned as the pizza purveyorâs chairman last night after fallout over his use of the n-word during a conference call.
Whatâs the rationale behind Broadcomâs
$19 billion buyout of software company CA
Â ? The chip giant may just want a portfolio of unrelated but promising businesses, Ã la SoftBank, says one analyst.
In other deal news, Rio Tinto
are selling a copper mine to a state-run Indonesian company for $3.5 billion.
Trade wars have emerged as perhaps the biggest hurdle for the U.S. economy, but rising inflation might still be the biggest threat â and the consumer price index just hit a six-year high.
Also on the economic front, an update on weekly jobless claims arrived ahead of the open, and the Philly Fedâs Patrick Harker is slated to speak once trading is underway.
Check out: MarketWatchâs Economic Calendar
Delta Air Lines
posted an earnings beat before the open.
âThe thing that frustrates me is the amount of money that we are having to spend to actually get him here. Thereâs a trip planned to Edinburgh that is going to cost like Â£5 million in policing, which is just a bit bonkers.â â30-year-old Paul Williams is among the many U.K. residents bemoaning President Donald Trumpâs visit to the country.
Brits have planned protests and inflated a âTrump babyâ balloon shown above. The official rigamarole will include a dinner today at Winston Churchillâs birthplace and a visit to the new U.S. embassy that Trump once blasted, as well as tea tomorrow with the queen at Windsor Castle.
But hereâs an additional reaction via Insider from another 30-year-old, Jacques Moukouri: âItâs not going to change anything for us, is it? So I donât know why people are up in arms against him coming. Heâs the president, he can come and visit other countries.â
World Cup prediction: France âjust too talented,â will beat Croatia 2-1.
On the Cupâs hosts: Hereâs why Russians are stingy with their smiles.
When life gives you a rolling lemon, make a viral video of it.
This toddler couldnât stop touching Meghan Markleâs hair.
A cunning thief has impersonated some of Hollywoodâs most powerful women.
Montana sheriffâs deputy describes hearing whimper, finding abandoned infant.
Stormy Daniels gets arrested, leading her lawyer to allege âa set up.â
A âcrazy plant personâ in Baltimore names his âgreen friendsâ and talks to them:
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