It’s beginning to feel a little old, but the trade war, rising tariffs and the continued battle between the U.S. and China once again hit traders this week. Stocks have swung between gains and losses over the last few months as traders reacted to various pieces of news regarding trade issues. This week was no different. Like clockwork, the week’s gains and losses were directly tied to the trade situation. Throughout the week, stocks seesawed. While no deal was officially announced, traders continued to react positively to the potential of a deal.
Elsewhere, economic data continued to present a mixed picture. Several key measures of manufacturing did slip on the week. However, consumers have never been more bullish with consumer confidence figures jumping to highs not seen since the recession.
This was true for corporate earnings over the week as well. Again, current earnings from many firms weren’t so bad. However, guidance figures, once again, came in very cautious.
In the end, despite the good domestic news, the week continued to be dominated by trade news, and that sent stocks swinging wildly.
Be sure to check out our previous Wrap here, when it was trade that drove the gains, while manufacturing did the declines.