Stock market news live updates: Futures pare losses after Navarro, Trump clarify China trade deal remains in place

Stock market news live updates: Futures pare losses after Navarro, Trump clarify China trade deal remains in place

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Stock futures pared steep declines and turned positive after White House trade adviser Peter Navarro said during a Fox News interview that any trade deal with China was “over,” but then walked back the remark and clarified that the Phase 1 trade deal “continues in place” in subsequent statements to the Wall Street Journal and Bloomberg News.” data-reactid=”16″>Stock futures pared steep declines and turned positive after White House trade adviser Peter Navarro said during a Fox News interview that any trade deal with China was “over,” but then walked back the remark and clarified that the Phase 1 trade deal “continues in place” in subsequent statements to the Wall Street Journal and Bloomberg News.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="President Donald Trump added in a Twitter post Monday evening that the China trade deal “is fully intact.”” data-reactid=”17″>President Donald Trump added in a Twitter post Monday evening that the China trade deal “is fully intact.”

Global equities slid after Navarro’s earlier interview with Fox News, with Dow futures plunging more than 400 points before recovering. Stock futures had traded little changed to slightly higher earlier in the overnight session.

Big tech stocks fell were mixed in overnight trading after outperforming during the regular session, with both the Nasdaq Composite and Nasdaq 100 ending at record high levels. Each of Netflix, Apple, Microsoft, Amazon and Facebook hit record closing highs, along with Zoom Video Communications, Nvidia and PayPal.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Apple’s 2.6% rise on Monday coincided with the company’s annual Worldwide Developers Conference (WWDC), during which the iPhone-maker announced it would be pivoting away from its 15-year partnership with Intel to make its own processors for its Mac devices. During its video-streamed conference, the company also announced a suite of new upgrades to its operating systems for iPhone, Mac, iPad and Apple Watch.” data-reactid=”20″>Apple’s 2.6% rise on Monday coincided with the company’s annual Worldwide Developers Conference (WWDC), during which the iPhone-maker announced it would be pivoting away from its 15-year partnership with Intel to make its own processors for its Mac devices. During its video-streamed conference, the company also announced a suite of new upgrades to its operating systems for iPhone, Mac, iPad and Apple Watch.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Travel and leisure stocks including airlines and cruise lines extended declines in late trading as coronavirus cases rose further in some geographies, stoking fears that reopening processes would get crimped. Texas hospitalizations rose by a record based on Monday’s counts, and Governor Greg Abbott said the outbreak was growing at an “unacceptable rate” and warned he would tighten restrictions on social distancing if the outbreak escalates further. Overall cases in Florida rose again Monday to top 100,000.” data-reactid=”21″>Travel and leisure stocks including airlines and cruise lines extended declines in late trading as coronavirus cases rose further in some geographies, stoking fears that reopening processes would get crimped. Texas hospitalizations rose by a record based on Monday’s counts, and Governor Greg Abbott said the outbreak was growing at an “unacceptable rate” and warned he would tighten restrictions on social distancing if the outbreak escalates further. Overall cases in Florida rose again Monday to top 100,000.

“This reopening process, it’s pretty important, and we need to see some consumer confidence building because if all of us are sitting in our homes in September or October because we think we’re going to catch the virus, the equity market is not going to like that,” Scott Wren, Wells Fargo Investment Institute senior global equity strategist, told Yahoo Finance’s The Ticker. “We think the bulk of this rally is over for the year. We think we’re going to see a bunch of range trading really between now and the end of the year, finishing a little bit higher than this.”

“To get there and to sustain these kinds of levels you need to see good medical news, you need to see some good economic news too, or at least better than expected economic news,” he added.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Other strategists also anticipated just modest more upside for the S&amp;P 500. Jonathan Golub, Credit Suisse chief equity strategist, on Monday raised his year-end price target for the S&amp;P 500 to 3,200, from the 2,700 the firm saw previously, to represent a 2.6% gain from Monday’s closing prices.” data-reactid=”24″>Other strategists also anticipated just modest more upside for the S&P 500. Jonathan Golub, Credit Suisse chief equity strategist, on Monday raised his year-end price target for the S&P 500 to 3,200, from the 2,700 the firm saw previously, to represent a 2.6% gain from Monday’s closing prices.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="10:33 p.m. ET Monday: Stocks turn positive after officials clarify China trade remarks” data-reactid=”26″>10:33 p.m. ET Monday: Stocks turn positive after officials clarify China trade remarks

Here’s where futures were trading as of 10:33 p.m. ET:

  • S&P 500 futures (ES=F): 3,114.00, up 3.25 points or 0.1%

  • Dow futures (YM=F): 25,972.00, up 19 points, or 0.07%

  • Nasdaq futures (NQ=F): 10,123.5, up 1.25 points, or 0.01%

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="10:24 p.m. ET: Trump says China trade deal ‘fully intact’” data-reactid=”33″>10:24 p.m. ET: Trump says China trade deal ‘fully intact’

President Donald Trump said in a Twitter post Monday evening that the China trade deal remains “fully intact.”

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="10:22 p.m. ET: Navarro says China Phase 1 trade deal ‘continues in place,’ according to statement to Bloomberg” data-reactid=”38″>10:22 p.m. ET: Navarro says China Phase 1 trade deal ‘continues in place,’ according to statement to Bloomberg

White House trade adviser Peter Navarro said in a statement to Bloomberg News Monday evening that his Fox News comments were taken “wildly out of context.”

“They had nothing at all to do with the Phase I trade deal, which continues in place,” Navarro said in the statement, according to Bloomberg. “I was simply speaking to the lack of trust we now have of the Chinese Communist Party after they lied about the origins of the China virus and foisted a pandemic upon the world.”

Dow futures traded off about 0.25%, or 65 points. Nasdaq futures were off about 0.31%, or 31.25 points, and S&P 500 futures were down 0.2%, or 6.25 points.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="10:10 p.m. ET Monday: Stock futures pare losses after Navarro reportedly walks back China trade comments: WSJ” data-reactid=”43″>10:10 p.m. ET Monday: Stock futures pare losses after Navarro reportedly walks back China trade comments: WSJ

Stock futures pared losses Monday evening after Wall Street Journal reporter Alex Leary wrote in a Twitter post that White House trade adviser Peter Navarro told the outlet his earlier comment on China was not “as it seems.”

Dow futures traded near the flat line, down fewer than 100 points, as of 10:10 p.m. ET. Earlier, Dow futures were off more than 400 points after Navarro’s original comments.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="9:35 p.m. ET Monday: Stock futures futures fall after Navarro says China trade deal is ‘over’” data-reactid=”53″>9:35 p.m. ET Monday: Stock futures futures fall after Navarro says China trade deal is ‘over’

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“It’s over,” White House trade adviser Peter Navarro said of the trade deal with China in an interview with Fox News Monday night. Stock futures sold off after the news.” data-reactid=”54″>“It’s over,” White House trade adviser Peter Navarro said of the trade deal with China in an interview with Fox News Monday night. Stock futures sold off after the news.

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 9:38 p.m. ET:

  • S&P 500 futures (ES=F): 3,077.25, down 33.5 points or 1.08%

  • Dow futures (YM=F): 25,645.00, down 308 points, or 1.19%

  • Nasdaq futures (NQ=F): 10,022.00, down 102.5 points, or 1.01%

6:04 p.m. ET Monday: Stock futures edge higher in late trading

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:04 p.m. ET:

  • S&P 500 futures (ES=F): 3,114.5, up 3.75 points or 0.12%

  • Dow futures (YM=F): 25,978.00, up 25 points, or 0.1%

  • Nasdaq futures (NQ=F): 10,131.5, up 6.75 points, or 0.07%

A trader wears a mask as he works on the floor of the New York Stock Exchange (NYSE) as the building prepares to close indefinitely due to the coronavirus disease (COVID-19) outbreak in New York, U.S., March 20, 2020. REUTERS/Lucas JacksonA trader wears a mask as he works on the floor of the New York Stock Exchange (NYSE) as the building prepares to close indefinitely due to the coronavirus disease (COVID-19) outbreak in New York, U.S., March 20, 2020. REUTERS/Lucas Jackson
A trader wears a mask as he works on the floor of the New York Stock Exchange (NYSE) as the building prepares to close indefinitely due to the coronavirus disease (COVID-19) outbreak in New York, U.S., March 20, 2020. REUTERS/Lucas Jackson

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