Stocks turned firmly into the red on renewed trade deal concerns, the latest being a Reuters report that a phase one deal between China and the U.S. may not be completed by the end of this year. China's chief trade negotiator has invited his American counterparts for a new round of face-to-face talks.
Stock futures slipped Thursday but pared larger losses after this report.
The market has also been concerned over rising Beijing-Washington tensions due to a Hong Kong human rights bill, which was approved by the House of Representatives on Wednesday after the previous passage by the Senate. The bill — now headed to Trump for his signature — has angered the Chinese government.
Let's have a look for the top market headline :
Tesla's long-awaited electric pickup truck, called Cybertruck, will be unveiled tonight in Los Angeles and is expected to price at roughly $50,000. Cybertruck has the potential to boost Tesla's profit margins.
Not much "news" for GE but it could win big engine deal from Emirates. The Emirates airline is said to be leaning towards using General Electric engines for its Boeing 787 Dreamliner order, as Rolls-Royce struggles to implement a fix.
According to a headline on Bloomberg, the FDA is no longer moving forward with a plan to sharply cut nicotine levels in cigarettes. Altria, Philip Morris, British American Tobacco all Cigarette makers jump on after the news.
TD Ameritrade soars on the Schwab buyout report. The deal could be announced as early as today.
Tough times on capital-raising for I-banks.Filings have revealed that 17 banks will split up to $32.3M for Alibaba's secondary Hong Kong listing, which will raise up to $12.9B for the Chinese e-commerce giant. Capital-raising in 2019 is running at its lowest level since 2012 as a series of notorious pulled deals and soggy floats have weighed on investment banking.
The world economy is growing at the slowest pace since the financial crisis, according to new estimates from the OECD, which cut GDP growth to 2.9% this year and next from 3% in 2020.