Dow Jumps 200 Points: Earnings Boost Amid China Trade Concerns
- * Stock Futures Rise: Futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 are all up (0.4%,0.6%, and 0.8% respectively) due to strong earnings...
Here’s a summary of the provided CNBC news excerpt:
Key Points:
* Stock Futures Rise: Futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 are all up (0.4%,0.6%, and 0.8% respectively) due to strong earnings reports.
* Strong Earnings Reports: Bank of America, Goldman Sachs, Wells Fargo, and Morgan Stanley all reported third-quarter earnings and revenue that exceeded analyst expectations. Bank of America shares jumped 4% and Morgan Stanley shares rose 2%.
* trade Tensions & Government Shutdown: Despite the positive earnings news, concerns about escalating trade tensions wiht China and the ongoing U.S.government shutdown are creating uncertainty.
* Sideways Trading expected: Art Hogan, chief market strategist at B. Riley Wealth Management, predicts stocks will likely trade sideways near all-time highs untill there’s more clarity on the trade situation and the government reopens. He believes the shutdown will negatively impact corporate guidance.