U.S. stocks pushed higher Wednesday as investors monitored another batch of corporate earnings results and waited for an early trade deal between the U.S. and China to be signed later in the day.
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10:14 a.m. ET: S&P 500, Dow hit record highs
The three major stock indices pushed decidedly higher about a half-hour into Wednesday session. The Dow climbed back above 29,000 to a record high, and the blue-chip S&P 500 also touched a fresh record.
Here were the main moves in markets, as of 10:14 a.m. ET:
S&P 500 (^GSPC): +0.33% or +10.93 points to 3,283.36
Dow (^DJI): +0.47% or +135 points to 29,074.67
Nasdaq (^IXIC): +0.36% or +33.22 points to 9,284.55
Crude oil (CL=F): -0.43% or -$0.25 to $57.98 a barrel
Gold (GC=F): +0.33% or +$5.10 to $1,549.70 per ounce
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10:00 a.m. ET: Kudlow says more tax cuts planned for 2020, CNBC reports
Larry Kudlow, National Economic Council Director and top economic adviser for President Donald Trump, told CNBC Wednesday that the White House is planning to roll out a plan for further tax cuts later this year.
The plan, dubbed “Tax Cuts 2.0,” would be intended to help middle-class economic growth, Kudlow said.
Members of the Trump administration have been floating the notion of a tax proposal to lower the “middle-class” rate since passing its 2017 tax reform law. Kudlow revitalized the idea of further tax cuts in the middle of last year, saying at the time that the considerations were just in preliminary phases.
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9:32 a.m. ET: Stocks open flat
Stocks were little changed around market open Wednesday ahead of a planned signing of a U.S.-China phase one trade deal slated for 11:30 a.m. ET.
Here were the main moves in markets, as of 9:33 a.m. ET:
S&P 500 (^GSPC): +0.03% or +1.09 points to 3,284.24
Dow (^DJI): -0.06% or -16.81 points to 28,922.86
Nasdaq (^IXIC): +0.24% or +20.53 points to 9,271.21
Crude oil (CL=F): -0.26% or -$0.15 to $58.08 a barrel
Gold (GC=F): +0.6% or +$9.30 to $1,553.90 per ounce
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8:34 a.m. ET: Goldman, BofA deliver mixed earnings results
Goldman Sachs (GS) and Bank of America (BAC) were the two latest banks to deliver fourth-quarter results, on the heels of record results from JPMorgan Chase and a solid performance from Citigroup reported Tuesday.
Goldman Sachs topped expectations on overall revenue but missed on fourth-quarter profit, with the bank’s costs rising due to litigation expenses and investments in technology and its newer consumer banking unit.
Bank of America posted stronger-than-expected profit, but net income in its key consumer banking unit edged down over the year prior as net interest income fell in a lower-rate environment. The bank derives more than 40% of its revenue from consumer banking.
Both Goldman and BAC posted estimates-topping fixed-income trading revenues, extending a trend seen by other big banks this week after stronger market activity at the end of last year versus 2018. Goldman Sachs’s bond-trading revenues grew 63% over last year, while Bank of America’s rose 25%.
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8:30 a.m. ET: Producer prices rise less than expected in December
Producer prices in the U.S. ticked up just modestly in December, rising 0.1% for the month versus a 0.2% increase expected, according to Bloomberg-compiled consensus data. Producer prices had been unchanged in November.
Excluding more volatile food and energy prices, the Department of Labor’s producer price index also rose 0.1%, below the 0.2% increase expected. However, this still marked an increase compared to the 0.2% decline on this metric posted in November.
Wednesday’s PPI report follows data Tuesday showing just a small uptick in consumer prices in December, further indicating tame inflationary pressures.
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7:36 a.m. ET: Stock futures mixed ahead of China trade deal signing
Stock futures were mixed Wednesday morning as investors awaited the signing of a phase one trade deal between the U.S. and China.
The signing ceremony is is expected to take place at the White House at 11:30 a.m. ET, with President Donald Trump signing the deal along with Chinese Vice Premier Liu He.
This comes following a report from Bloomberg Tuesday that existing tariffs on Chinese imports would remain in place for the period at least through the 2020 elections.
In a joint response to the report, Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer said that all aspects of the deal would be made public Wednesday, except for a confidential annex with detailed purchase amounts. There was no agreement in place for future tariff reductions, they said in the statement.
Here were the main moves during the pre-market session, as of 7:36 a.m. ET:
S&P futures (ES=F): 3,288.75, down 1 point or 0.03%
Dow futures (YM=F): 28,892, up 21 points or 0.07%
Nasdaq futures (NQ=F): 9,081.25, down 7 points or 0.08%
Crude oil (CL=F): $58.45 per barrel, up $0.37 or 0.64%
Gold (GC=F): $1,543.20 per ounce, down $7.40 or 0.48%
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2020-01-15 15:15:00Z
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