Archives of “July 11, 2019” day

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France’s plan to tax tech companies could lead to the US imposing new tariffs on the country

  
  Analysis
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U.S. President Donald Trump has asked for an investigation into France’s planned tax on technology companies

Reuters reports, citing an unnamed source:
  • could potentially lead to the United States imposing new tariffs or other trade restrictions
  • US Trade Representative Lighthizer to set up the investigation
  • Questioning if France’s digital-tax plan would hurt US technology companies
  • A Section 301 investigation, will assess if France’s levy poses an unfair trade practice
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Previous S 301 investigations have covered Chinese trade practices and European Union subsidies on large commercial aircraft

The Powell prepared text headlines sent:

  
  Analysis
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  • The dollar lower.
  • It reversed pre-market stocks from being down (S&P was down about 8-9 points) to up.
  • It sent yields on US treasuries lower with the short end leading the way (yield curve steepening). The 2 year was at 1.919% at the start of the NY session. It is down at 1.82% now.
  • Gold moved from negative to positive (gold is up over $20 near the end of the trading day)

Nasdaq closes at record highs. S&P trades above 3000 for first time, but backs off.

  
Analysis, US Market
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Major indices all closing higher

The major indices in the US are closing higher with the Nasdaq closing at a new record high. The S&P index traded above the 3000 level for the first time ever, but backed off that level. It is still closing higher on the day. The Dow snapped a 3 day losing streak today.
The final numbers are showing:
  • The S&P index, +13.44 points or 0.45% at 2993.07. The high reached 3002.98. The low extended to 2984.61
  • The Nasdaq rose 60.80 points or 0.75% at 8202.53. The high reached 8228.598. The low extended to 8160.56
  • The Dow rose 76 points or 0.29% at 26860.20. The high reached 26983.45 The low extended to 26813.11.
Some winners today:
  • Tesla, +3.85%
  • Micron, +3.75%
  • Beyond Meat, +3.61%
  • General Mills, +2.27%
  • AMD, +1.93%
  • Facebook, +1.77%
  • Nvidia, +1.75%
  • Chevron, +1.69%
  • Pfizer,+1.57%
  • Intuit, +1.53%
  • Alphabet, +1.48%
  • Amazon, +1.46%
  • Exxon Mobil,+1.43%
  • Cisco, +1.40%
  • Disney, +1.34%
  • Microsoft, +1.02%
 Some losers today included:
  • QUALCOMM, -2.86%
  • Target, -2.22%
  • Daimler, -1.57%
  • Deere and Company, -1.56%
  • Charles Schwab, -1.56%
  • Wells Fargo, -1.44%
  • Slack, -1.28%
  • Caterpillar, -1.22%
  • Bank of America, -1.16%
  • Morgan Stanley, -1.10%
  • Goldman Sachs, – 0.87%
  • Citigroup, -0.61%
  • PNC financial, -0.58%
  • Home Depot, -0.58%
  • Twitter, -0.52%
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