Need to Know: Stocks haven’t finished selling off on news of trade-deal stall
Stock futures and global equities are pitching lower, which some blame on comments that reportedly showed up on a social media account linked to China’s state-run Economic Daily newspaper. The blog on Taoron Notes says: “If there is no real concrete action by the United States, it will be meaningless for you to come and talk.”
While the initial shock appears to have passed, our call of the day, from Miller Tabak + Co.’s lead strategist Matt Maley, warns the stock market hasn’t finished selling off on news a trade deal could take much longer than expected. Maley thinks they are wrong and that investors shouldn’t keep chasing the stock market higher, but instead hold off and try to figure out how to take advantage of the decline he sees coming—7% to 10% from the April high.
The dollar DXY, +0.10% is lower, except against the pound GBPUSD, -0.4142% US:GCU8 on news fresh Brexit talks could be ready to break down. Crude US:CLU8 is climbing. Pinterest PINS, +7.79% shares are down over 15% after investors got a shock from the social-discovery platforms first set of earnings since its IPO. For starters, losses were far worse than expected. Chinese search engine owner Baidu BIDU, +0.79% also spooked investors with results and its outlook.
As if investors don’t have enough to worry about, high-stakes Brexit talks between the U.K. government and the chief opposition party are reportedly nearing collapse, two weeks before another parliamentary vote on an EU withdrawal.
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