Here Are 3 Hot Things to Know About Stocks Right Now
- Stocks closed at record levels Monday, with the three major stock market indexes also hitting all-time intraday highs.
- HP Inc. (HPQ) - Get Report fell after rejecting a potential $32 billion takeover bid from Xerox (XRX) - Get Report , while noting it was "open to exploring" a potential tie-up with its smaller rival. HP is Real Money's Stock of the Day.
- T-Mobile US (TMUS) - Get Report fell after the mobile communications company said that CEO John Legere would step down next spring.
Wall Street Overview
Stocks finished at record highs Monday after a surprise meeting between President Donald Trump and Federal Reserve Chairman Jerome Powell, which Trump said was "very good" and "cordial." However, gains were capped by reports that China is pessimistic about reaching a trade agreement with the U.S.
The Dow Jones Industrial Average finished up 31 points, or 0.11%, to 28,036.15. The S&P 500 edged up 0.05% to 3,122.01, and the Nasdaq rose 0.11% to 8,549.94.
The three major stock indexes also hit all-time intraday highs Monday.
were the Dow's top gainers.
Trump invited Powell to an unscheduled meeting at the White House Monday, the central bank said in a statement, just days before minutes of the Fed's October rate decision are set to be published.
The People's Bank of China lowered one of its key interest rates for the first time since 2015 in a move some analysts have said could signal further easing in the slowing economy.
China's state-backed media outlet Xinhua, meanwhile, said talks on Saturday in the ongoing trade war between the U.S. and China were "constructive," raising hopes of at least an interim agreement on tariffs and agricultural purchases between the world's two biggest economies.
Treasury Secretary Steven Mnuchin, U.S. trade representative Robert Lighthizer and China's Vice Premier Liu He took part in a phone call Saturday in which the sides the two sides discussed "each other's core concerns in the 'phase one' deal, and agreed to maintain close communication," according to Xinhua.
The mood changed, however, on reports that China was troubled because President Donald Trump said last week that he hadn't agreed to scrap tariffs on Chinese goods. The Trump administration has slapped tariffs on more than $500 billion in Chinese goods, while China has put duties on about $110 billion in American products.
HP Inc. (HPQ) - Get Report slipped nearly 1% to $20.01 after the personal computer maker rejected a potential $32 billion takeover bid from Xerox (XRX) - Get Report , while noting it was "open to exploring" a potential tie-up with its smaller rival. HP is Real Money's Stock of the Day.
T-Mobile US (TMUS) - Get Report rose slightly to $78.19 after the mobile communications company said that CEO John Legere will step down next spring in a decision that follows reports he was being courted to replace ousted WeWork co-founder Adam Neumann.
Ford (F) - Get Report dipped slightly to $8.94 after the automaker unveiled its new, all-electric, Mustang Mach-E SUV challenger to Tesla (TSLA) - Get Report ahead of the 2019 Los Angeles Auto Show. Tesla shares were off modestly to $349.99.
This will be a big week for retailers with companies such as Home Depot
reporting earnings. U.S. retail sales rose just 0.3% last month, but
when automobile sales were stripped out and declines in clothing, furniture, electronics, and building materials were computed.
In economic news, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) fell one point to 70, after rising steadily since June to the highest level of the year last month. Anything above 50 is considered positive.