My Writings. My Thoughts.

Tuesday October 1, 2019

// October 1st, 2019 // Comments Off on Tuesday October 1, 2019 // Daily News

Dow drops 250 points after weakest manufacturing reading in 10 years

ISM Manufacturing slips to 47.8 in September, vs. 50.2 expected
Stocks dropped on Tuesday, the first trading day of the fourth quarter, as disappointing manufacturing data stoked worries over the U.S. economy.
The Dow Jones Industrial Average traded 250 lower, or 0.9% after rallying more than 100 points earlier in the day. The S&P 500 slid to trade 0.9% lower. The Nasdaq Composite was down 0.7%.
The Institute for Supply Management said U.S. manufacturing activity contracted to its worst level since June 2009. ISM Chair Timothy Fiore pointed to trade weighing on manufacturing in a statement.
Shares of manufacturers such as Honeywell, 3M and Eaton rolled over on the data release, trading at least 1.7% lower.
U.S. and Chinese negotiators are expected to meet next week in Washington to discuss a potential trade deal between the world’s largest economies.
Treasury yields reversed earlier gains as investors dumped equities in favor of the traditionally safer U.S. bonds. The 10-year yield was down at 1.62% after rising to around 1.75%. The 2-year rate dropped to 1.54% from about 1.68%.
Wall Street ended higher on Monday on the back of renewed optimism in U.S.-China trade talks. A spokeswoman for the U.S. Treasury said the White House “is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time.” This relieved some earlier fears raised by reports last week that the U.S. has been looking at restricting U.S. investments in China.
Investors entered the fourth quarter with the major averages struggling to reach record highs set earlier in the year. The Dow and S&P 500 were more than 1% from their all-time highs entering Tuesday following several failed attempts at to break them. The Nasdaq was about 4% below its record.
“Historically, the fourth quarter has tended to be one of the best periods for stocks,” said Keith Lerner, chief market strategist at SunTrust Private Wealth, in a note. “We could certainly see another setback before year end. There have only been two pullbacks of more than 5% for the S&P 500 this year versus an average of about three historically.”
“However, unless we see a sharp escalation in trade tensions, we do not anticipate anything in the magnitude of the 2018 selloff,” Lerner said.


Today’s Inspiration

Be Willing and Yielded
You do not have to depend on your own human efforts to overcome adversity and opposition or to earn favor and win promotion. When God is ready to move in your life, He will give you favor and promotion—and no devil in hell or person on earth will be able to prevent it from happening.

It doesn’t matter what people think of you. Your weaknesses and inabilities don’t make any difference to God. His criteria for using people is not their talents, gifts, and abilities. He is looking for people who are willing and yielded. God looks for availability, not ability.

Let God build you, your reputation, and your career. When the time is right, He will deliver you out of adversity, and then you’ll see the fulfillment of your dreams.

Prayer Starter: Father, I thank You that my times are in Your hands (see Psalm 31:15). Help me to keep my trust in You, knowing that all blessings and promotion come from You alone. In Jesus’ Name, Amen.

Friday August 30, 2019

// August 29th, 2019 // Comments Off on Friday August 30, 2019 // Daily News

Trump says US and China resume trade talks Thursday ‘at a different level’

Trump made the remarks in an interview with Fox News Radio without elaborating on what “a different level” means.
“Let’s see what the end product is, that’s what you have to judge it by,” Trump said.
China softened its stance, saying it’s willing to resolve the trade war with a “calm attitude” and indicating it won’t retaliate immediately.

“There’s a talk scheduled for today at a different level,” Trump said in an interview with Fox News Radio without elaborating on what “a different level” means.

“Let’s see what the end product is; that’s what you have to judge it by,” Trump said.

Trump said Monday that China in recent phone conversations expressed its desire for a deal and that the two sides will get back to the negotiating table. However, China repeatedly said it is not aware of the calls Trump mentioned.

The trade tensions escalated last week with both sides piling on new tariffs. China softened its stance Thursday saying it’s willing to resolve the trade war with a “calm attitude” and indicating it won’t retaliate against Trump’s new tariff threat immediately. China also said the Chinese and U.S. trade delegations have maintained “effective” communication.

“China has plenty of means for countermeasures, but under the current situation, the question that should be discussed right now is about removing the U.S.′ new tariffs on $550 billion in Chinese goods to prevent escalation of the trade war,” Gao Feng, spokesman for China’s Ministry of Commerce, said Thursday.

His comment came after Trump on Friday threatened to raise duties on $250 billion in Chinese goods to 30% from 25% and increase tariffs on another $300 billion in products to 15% from 10%, in response to Chinese retaliation.

The two sides were also expected to meet face to face in September in Washington.

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