Here Are 3 Hot Things to Know About Stocks Right Now
The Dow Jones Industrial Average and the S&P 500 finished at record highs Thursday, but lost some steam on a report the White House was resisting planned rollbacks of some tariffs in the U.S.-China trade war.
- The Dow Jones Industrial Average and the S&P 500 closed at record highs Thursday but lost steam late in the day on a report that the White House was resisting planned rollbacks of some tariffs in the U.S.-China trade war.
- Qualcomm (QCOM) - Get Report rose after the chipmaker posted stronger-than-expected fourth-quarter earnings and fiscal first-quarter profit guidance. Qualcomm is Real Money's Stock of the Day.
- Roku (ROKU) - Get Report declined sharply even after the TV streaming service posted a narrower-than-expected third-quarter loss.
Wall Street Overview
The Dow finished up 182 points, or 0.66%, to 27,674.80. The S&P 500 was up 0.27% to 3.085.18, and the Nasdaq climbed 0.28% to 8,434.52.
All three indexes hit record intraday highs.
, and ExxonMobil
led the Dow's advance.
Clothing and accessories maker Ralph Lauren (RL) - Get Report was the S&P's biggest winner and Chinese technology giant Baidu (BIDU) - Get Report led the Nasdaq. Both companies beat Wall Street's earnings expectations.
A Chinese government spokesman said Beijing and Washington would remove the tariffs in phases "as progress is made on the agreement," and Bloomberg reported that a U.S. official confirmed that an agreement to roll back tariffs would be part of "phase-one" trade agreement.
However, Reuters reported Thursday afternoon that the plan to roll back some tariffs was meeting with resistance in the White House.
"In the past two weeks, top negotiators had serious, constructive discussions and agreed to remove the additional tariffs in phases as progress is made on the agreement," spokesman Gao Feng said Thursday, Bloomberg reported. "If China, U.S. reach a phase-one deal, both sides should roll back existing additional tariffs in the same proportion simultaneously based on the content of the agreement, which is an important condition for reaching the agreement," Gao said.
The report Thursday followed indications that a meeting between Chinese President Xi Jinping and President Donald Trump could be delayed until December as the two sides can't agree on a venue at which to sign the interim trade pact.
"I believe that the disinformaton on these talks from both the Chinese and American leakers has played havoc with the stock market," said TheStreet's Jim Cramer.
U.S. Treasury bond yields rose to the highest levels since late July, helping trim the amount of global government debt trading with negative yields, as investors shifted cash into riskier markets amid renewed trade hopes and surprisingly resilient economic data.
Qualcomm (QCOM) - Get Report rose 6.3% to $89.98 after the chipmaker posted stronger-than-expected fourth-quarter earnings and fiscal first-quarter profit guidance. Qualcomm is Real Money's Stock of the Day.
"There is potentially a bit of noise out there," Roku's chief financial officer,
, told TheStreet. "We feel good about the quarter itself, and where we are right now in the middle of these big industry trends."
Xerox (XRX) - Get Report fell nearly 1% to $37.31 after news the printer and computer focused tech company would be prepared to pay more than $32.5 billion for HP (HPQ) - Get Report , which fell about 1% to $19.39.
Walt Disney (DIS) - Get Report rose in after-hours trading Thursday after the entertainment giant reported fourth-quarter earnings that beat analyst expectations. Shares rose nearly 4% to $138.01, after gaining 1.4% to $133.13 in the regular session.