Traders Tuesday awaited President Trump’s scheduled speech before the New York Economic Club, hoping for a clue about the status of trade talks with china.
The Dow Jones industrial Average was up 25 points at noon at 27,718, while the S&P 500 added 8 points to 3,095 and the Nasdaq Composite gainee 32 points to 8,496.
Trump last week hinted talks had slowed, and he was in no hurry to reach an agreement with Beijing. Among the sticking points are tariffs and if/how much they will be rolled back as part of a phase 1 agreement. Trump said there was no chance tariffs would be lifted entirely.
Elsewhere, the Supreme Court hears arguments Tuesday on whether the administration can lift protections for people brought to the United States without documents when they were children. The administration announced an end to the Deferred Action for Childhood Arrivals program, which protects so-called dreamers from deportation and allows them to receive Social Security cards, drivers’ licenses and other benefits. The oldest of those in the program are in their early 30s and many were so young when they were brought to the U.S., they remember nothing of their native countries. Lower courts have blocked the administration’s action.
Disney (DIS) launched its much-anticipated streaming service Disney+ and is hoping that at $7 a month, it will attract 90 million subscribers globally within five years. The service is not expected to turn a profit during that period. Disney opened 0.6% higher.
Former Uber CEO Travis Kalanick sold 20% of his stake in the ride-sharing service when the lockup period ended last week for $547 million. Uber (UBER) has underwhelmed investors since its initial public offering six months ago, with shares shedding 40%, reducing the company’s valuation from $76 billion to $46 billion. Kalanick still owns 78 million shares in Uber, a 4.6% stake.
Overseas, violence again rocked Hong Kong, with tear gas blanketing the financial district as demonstrators blocked roads. Police deployed a water cannon against protesters at chinese University as protesters threw bricks and other projectiles at police. The anti-government protests are now in their 23rd week.
In Britain, Brexit Party leader Nigel Farage is facing backlash for saying his party would not contest seats held by conservatives now that Prime Minister Boris Johnson has pledged to seek no further extensions in the United Kingdom’s split from the european Union. Shadow Chancellor John McDonnell said the decision will push more voters toward Labour.
Farage said his party would contest seats held by Labour and called on Conservatives to step aside in those districts.
Global markets were mostly higher.
In Asia, Hong Kong’s Hang Seng closed up 0.52% while Japan’s Nikkei 225 increased 0.81% and China’s Shanghai Composite gained 0.17%. Australia’s S&P 500 lost 0.29%.
In Europe, London’s FTSE 100 closed up 0.73% while the German DAX rose 0.78% and the French CAC gained 0.44%. The Stoxx Europe 600 was up 0.53%.
On currency markets, the British pound was up 0.03% to $1.2857 while the euro dipped 0.15% to $1.1018. The U.S. dollar index rose 0.11%.
Oil futures were lower. Crude oil dipped 0.35% to $56.65 a barrel. Brent crude lost 0.4% to $61.96 a barrel. Gold and silver futures were lower.