In This Article:
Stocks pared earlier losses and the Dow pushed into positive territory and a fresh record closing high as Walgreens (WBA) and Boeing (BA) shares jumped. Earlier, equities had retreated from Friday’s record levels as concerns over trade and protests in Hong Kong flared up.
Bond markets were closed Monday in observance of Veterans Day.
Here’s where markets settled at the end of regular equity trading:
-
S&P 500 (^GSPC): -0.2%, or 6.07 points
-
Dow (^DJI): +0.04%, or 10.25 points
-
Nasdaq (^IXIC): -0.13%, or 11.04 points
-
WTI crude oil prices: (CL=F): -0.63% to $56.88 per barrel
-
Gold (GC=F): -0.49% to $1,455.80 per ounce
President Donald Trump over the weekend refuted reports that the U.S. was necessarily prepared to lift tariffs on China as part of phase one trade agreement.
The remarks had sent stock futures lower and extinguished optimism over a tariff deescalation. Last week, members of the administration, including economic adviser Larry Kudlow, had said “there are going to be tariff agreements and concessions” as part of a preliminary deal.”
Trump is set to speak at the Economic Club of New York during a luncheon Tuesday, providing another forum to potentially address next steps and progress in a trade deal between the U.S. and China.
Elsewhere, increasingly violent demonstrations in Hong Kong added to risk-off sentiment in global markets. Footage circulated Monday of a police officer shooting a pro-democracy protestor and of a man set on fire after confronting some of the demonstrators. The turmoil sent the Hong Kong Hang Seng index (^HSI) down by the most since August, with the index falling 2.6% by the close of regular trading local time.
A number of major U.S.-based companies from Disney (DIS) to Marriott International (MAR) have called out the impact of the Hong Kong protests to their bottom lines. The region remains a significant international hub for business, and Hong Kong’s government implored protestors in a statement Monday to stay “calm and rational.”
STOCKS: Alibaba Singles’ Day tops records, Saudi Aramco sheds more light on IPO
Alibaba (BABA) saw a record of $38.4 billion in sales during its annual Singles’ Day shopping event, topping last year’s about $30.8 billion. In the first hour alone, Alibaba reached gross merchandise totaling $12 billion. The 24-hour-long sales extravaganza consistently tops purchases from Black Friday and Cyber Monday combined.
The Chinese e-commerce giant brought in sales from millions of shoppers all over the world during this year’s 11th iteration of the promotional day. Sales were aided this year by live-streamed promotions from celebrities including Kim Kardashian and Taylor Swift, as well as early pre-orders for products from companies including Estée Lauder (EL) and Apple (AAPL).