Wall Street is waiting for Trump’s speech


The stock markets in New York seem to start almost flat on Tuesday. Investors on Wall Street are particularly looking forward to a speech by President Donald Trump later in the day. It will be closely monitored for comments on the Sino-American trade struggle.

Trump’s speech at the Economic Club of New York should begin around 6 p.m. (Dutch time). He said last weekend that trade talks with China are going well, but that he will only make a deal that is good for the United States. Earlier there were reports that Washington and Beijing had made agreements about phasing out trade taxes. There were also reports that Trump may postpone the decision to introduce higher import tariffs on cars from countries including Europe by six months.

At the companies, the large meat processor Tyson Foods appears to be opening considerably lower after quarterly figures that turned out to be weaker than analysts had expected. Other companies that opened the books were home builder DR Horton, industrial automation engineer Rockwell Automation and supplier of car parts Advance Auto Parts. In addition, Tupperware Brands, the company behind the well-known lockable containers, reported that CEO Trica Stitzel has resigned.

The Dean Foods dairy company was shut down after the company had filed for bankruptcy protection. Discussions are being held about a sale of almost all assets of the company. Dean’s share price has fallen sharply this year.

On a macroeconomic level, it was reported that the confidence of small American entrepreneurs increased in October, according to the trade association National Federation of Independent Business (NFIB). Furthermore, there are virtually no economic data on the roll for Tuesday.

The markets in New York showed very limited price results on Monday. The Dow-Jones index finished 0.1 percent higher at 27,691.49 points. The more broadly composed S&P 500 fell 0.2 percent on 3087.01 points and technology level meter Nasdaq dropped 0.1 percent to 8464.28 points.

By: Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at nicholas.dekramer@economicinform.com

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