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Here Are 3 Hot Things to Know About Stocks Right Now

  • The S&P 500 briefly traded above its all-time closing high Friday, spurred on by Intel's (INTC) - Get Free Report earnings win and positive news about the U.S.-China trade negotiations.
  • Amazon fell after the tech and online retailing giant reported a wide third-quarter earnings miss, as well as weaker-than-expected revenue guidance for the fourth quarter. Amazon is Real Money's Stock of the Day.
  • Intel (INTC) - Get Free Report jumped after the semiconductor bellwether's third-quarter earnings and outlook beat analysts' forecasts.

Wall Street Overview

Stocks finished higher Friday as investors looked beyond Amazon's (AMZN) - Get Free Report disappointing report to focus on Intel's (INTC) - Get Free Report earnings beat and news that the U.S. and China are close to finalizing the initial parts of a trade agreement.

The S&P 500 briefly traded above its all-time closing high of 3,025.86 set on July 26 before finishing up 12.26 points, or 0.41% to 3,022.55. The Dow Jones Industrial Average finished up 152 points, or 0.57%, to 26,958 and the Nasdaq advanced 57 points, or 0.70%, to finish at 8,243 after opening the session in the red.

The Office of the U.S. Trade Representative issued a statement Friday saying negotiators for the U.S. and China, the world's two largest economies, have "made headway on specific issues and the two sides are close to finalizing some sections of the agreement."

"Discussions will go on continuously at the deputy level, and the principals will have another call in the near future," the statement said.

Earlier this month, President Donald Trump said China agreed to a "very substantial phase one deal," adding that the agreement would address intellectual property and financial services concerns, as well as Chinese purchases of about $40 billion to $50 billion of U.S. agricultural products.

"We're moving along nicely. We're dealing with them right now," Trump told reporters Friday. "And a lot of good things are happening with China. They want to make a deal very badly."

The upbeat message contrasted sharply with one from Vice President Mike Pence, who in a Thursday speech adopted a hard line toward China, accusing companies such as Nike (NKE) - Get Free Report  and the National Basketball Association of being too willing to ignore Chinese pressure and censorship and repression in pursuit of profits.

He also said the FBI has 1,000 active investigations into intellectual-property theft, most of them involving China, according to the Associated Press. In response, NBA Hall of Famer Charles Barkley said that Pence "needs to shut the hell up."

"But I don't understand why these holier than thou politicians - if they're so worried about China, then why don't they stop all transactions with China?" Barkley said during an NBA pregame show on TNT.

The federal deficit for fiscal 2019 totaled $984 billion, the U.S. Treasury said, up 26% from 2018. Corporate tax revenues increased 12% to $230 billion, while individual tax revenues rose 2% to $1.7 trillion. The government collected nearly $71 billion in customs duties up 70% from a year ago.

The University of Michigan's final consumer sentiment index rose to 95.5 from 93.2 in September. Economists were expecting a reading of 96.

"The focus of consumers has been on income and job growth, while largely ignoring other news," said Richard Curtin, the survey's chief economist. "To be sure, the multiple sources of uncertainty will keep consumers focused on potential threats to their prevailing optimism, with the most critical being threats that could significantly diminish their job and income prospects."

Amazon fell 1.1% to $1,761.33 after the tech and online-retailing giant reported a wide third-quarter earnings miss, as well as weaker-than-expected revenue guidance for the fourth quarter. Amazon is Real Money's Stock of the Day.

Intel (INTC) - Get Free Report   led the Dow, and rated high on the S&P 500 and the Nasdaq, jumping 8.1% to $56.46 after the chip giant's third-quarter earnings and outlook beat analysts' forecasts.

Caterpillar (CAT) - Get Free Report and 3M (MMM) - Get Free Report  also drove the Dow forward.

Resmed (RMD) - Get Free Report , a medical instrument and supply company, led the S&P 500, rising nearly 13% to $144.26 after beating Wall Street's first-quarter earnings estimates.

Verizon (VZ) - Get Free Report    dipped slightly to $60.37 after the telecommunications company posted better-than-expected third-quarter earnings as wireless-subscriber additions continued to top analysts' forecasts.

Boeing (BA) - Get Free Report  was one of the Dow's biggest losers, falling 1.4% to $339.83 after Indonesia regulators said that design flaws, a lack of oversight by U.S. regulators and errors by both the crew and ground staff all contributed to a Lion Air 737 MAX jet crash almost a year ago, that killed all 189 people on board. Boeing CEO Dennis Muilenburg is scheduled to testify before Congress next week.

PG&E Corp. (PCG) - Get Free Report slumped 31% to $5 as an out of control wildfire in California appeared to be linked to equipment failure of one of its transmission lines near where the blaze started Wednesday evening.  

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