Here’s what happened to the stock market on Wednesday

Dow Jones Industrial Average flat

The Dow Jones Industrial Average was essentially unchanged, down 0.07 points to 27,492.56. The S&P 500 rose 0.07% to 3,076.78 and the Nasdaq Composite fell 0.29% to 8,410.63 as big tech companies, including Amazon, Apple and Facebook, retreated. Investors largely took a wait-and-see approach as they digested the latest development on the U.S.-China trade front.

Trump-Xi meeting delayed

Stocks hit their session lows after reports said any signing of the “phase one” U.S.-China trade deal won’t take place until December. The meeting between President Donald Trump and Chinese leader Xi Jinping is delayed as the two sides are still debating the terms and a venue, a senior administration official told CNBC. Trump is scheduled to be in London for a gathering of NATO leaders on Dec. 3-4, and a potential signing could happen before or after that visit, CNBC reported. The White House’s goal is still to reach agreement by Nov. 16, but it’s not clear that timeline can be delivered, the source said. READ MORE TO UNDERSTAND

TECHNICAL CHART & EXPECTATIONS

KEY TAKEAWAYS

  • If you are considering the index; time to pick up from now
  • If it falls catch the next support
  • Be weary as the global markets are at the highest and corrections awaits
  • Price should hit the support today and rebound is expected before the day ends

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Article by: Ashok – Strategic Coach & Mentor – Philippine Stocks

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