We interviewed GraniteShares' CEO Will Rhind from New York, soon after they launched a suite of ETP's which allow you to invest in three different baskets of giant US tech stocks. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

US open: Mixed start to trading following sell-off in previous session

Fri, 18th Sep 2020 15:35

(Sharecast News) - Wall Street stocks were mixed after the bell on Friday as stimulus talks, Chinese apps and vaccination news were all in the spotlight.
As of 1535 BST, the Dow Jones Industrial Average was up 0.04% at 27,913.53, while the S&P 500 was 0.14% weaker at 3,352.44 and the Nasdaq Composite came out the gate 0.16% softer at 10,893.17.

The Dow opened 11.55 points higher on Friday, narrowly avoiding extending the losses recorded in the previous session as another heavy tech-sell off snapped a four-day winning streak for the blue-chip index.

In focus on Friday, both Republicans and Democrats were still at an impasse in negotiations regarding how much aid to provide the American people following a previous $2trn package.

Donald Trump said he wasn't aversed to "the larger numbers", urging lawmakers to go for a more hefty stimulus package.

In terms of a Covid-19 vaccine, US health officials warned that any vaccinations distributed in 2020 would be in limited quantities and would not be widely distributed for another six to nine months.

Elsewhere, the US government has ordered a ban on the continued distribution of Chinese-made mobile apps WeChat and TikTok to stymie the potential use of data gathered on American citizens' personal data to undermine the country's national security.

As of 20 September, mobile application stores in the US will be prohibited from distributing or maintaining the WeChat and TikTok apps and US residents will not be allowed to facilitate for the purpose of transferring funds or processing payments in the US for WeChat.

On the macro front, a preliminary reading of the University of Michigan's September consumer sentiment index revealed overall US consumer confidence rose back to its highs from April, having moved roughly sideways since then.

The University of Michigan's consumer confidence gauge improved from a reading of 74.1 for August to 78.9 in September (consensus: 74.9), with similar gains for sub-indices tied to consumers' expectations and for how they perceive the current juncture.

Still on data, the Conference Board's leading economic index for the US increased by 1.2% in August to 106.5 following a 2.0% increase in July and a 3.1% increase in June. Despite the improvement, the Conference Board wanted that the LEI still remained in recession territory and 4.7% below its February level.

Lastly, Federal Reserve Bank of Minneapolis President Neil Kashkari said warnings about a potential surge in US inflation were supported by no evidence and were mere "ghost stories" but added that theories that once inflation started to climb, it would accelerate, could also not be ruled out.

Atlanta Fed President Raphael Bostic also noted that the Covid-19 pandemic had led to "a lot of noise" in inflation data.

No major corporate earnings were slated for release on Friday.

More News

TOP NEWS: Bank of England votes unanimously to keep interest rates low

TOP NEWS: Bank of England votes unanimously to keep interest rates low

Today 12:37

UPDATE 1-UK working with U.S., WTO on boosting COVID vaccine supply

(Adds detail)LONDON, May 6 (Reuters) - Britain is discussing ways of increasing production and supply of COVID-19 vaccines with the United States and World Trade Organization, a government spokesperson said on Thursday after Washington supported w...

Today 12:32

Zambeef shares jump after raising profit expectations by up to 30%

Zambeef shares jump after raising profit expectations by up to 30%

Today 12:18

EU plans faster approval, new joint purchases of COVID-19 drugs

BRUSSELS, May 6 (Reuters) - The European Commission wants to speed up the approval in the European Union of experimental COVID-19 drugs, according to a document released by the EU executive on Thursday, with the aim of having at least three new m...

Today 12:18

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.