The Closing Bell: U.S. Stocks Waver as Investors Weigh Growth Concerns

Ted

( The Closing Bell will be updated sometime after 4:00 PM CDST to include the latest update from IBD and Bloomberg Evening Briefing.)

FYI Stocks edged higher in choppy trade Thursday following reports that the U.S. and China have made new progress toward a trade deal even as investors weighed data showing U.S. economic growth slowed in the fourth quarter from above-trend rates.

The Dow Jones Industrial Average DJIA rose 91 points, or 0.36%, to 25,717 and the S&P 500 index SPX, +0.32% edged up 10 points, or 0.36%, to 2,818. The Nasdaq Composite Index added 25 points, or 0.34%, to 7,669.

There are signs of progress in U.S.-China trade talks, with Beijing officials making unprecedented proposals to resolve a long-running tariff dispute with Washington, Reuters reported, citing U.S.officials. The report said the proposals aim to end charges that China systematically steals U.S. intellectual property.

Investors were focused on the final reading of U.S. gross domestic product growth in the fourth quarter, which was initially estimated at a 2.6% annualized rate from the previous quarter, but which was cut to a rate of 2.2%.

The cut was sparked by softer consumer spending and subdued business investment, and brought GDP growth for 2018 to 2.9%.

In the U.K., John Bercow, the speaker of the House of Commons said parliament would be able to vote for a third time on Prime Minister Theresa May’s Brexit proposal after substantial changes were made to legislative language. May on Wednesday said she would be willing to step down if her plan to usher Britain out of the European Union was approved by Parliament. However, lawmakers failed to find a majority on any given path for Brexit, in a series of indicative votes, adding to political uncertainty and beginning a tussle for the nation’s leadership.

European equity markets were weaker, with the Stoxx 600 Europe index SXXP, -0.12% marginally lower. China and Japanese stock markets closed down, while Hong Kong’s Hang Seng Index HSI, +0.16% rose 0.2%.

In commodities markets, crude-oil prices CLK9, -0.08% retreated, and gold prices GCJ9, -1.54% settled lower, as the U.S. dollar DXY, +0.29% extended its recent uptrend.

The closely watched benchmark 10-year Treasury note yield TMUBMUSD10Y, +0.85% was at 2.38%, hovering around a 15-month low.

Of the Eleven S&P 500 Sectors Materials led nine of the sectors to positive gains. Utilities and Communication Services were the lagged.
Regards
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2019-03-28/your-evening-briefing

MarketWatch:
https://www.marketwatch.com/story/us-stock-futures-attempt-tepid-rise-as-investors-await-final-gdp-report-2019-03-28/print

WSJ:
https://www.wsj.com/articles/global-stocks-pause-as-bond-yields-continue-to-fall-11553763647

Bloomberg:
https://www.bloomberg.com/news/articles/2019-03-27/treasuries-rally-builds-asia-stocks-set-to-slip-markets-wrap?srnd=premium

IBD:
https://www.investors.com/market-trend/stock-market-today/nasdaq-today-led-by-soaring-lululemon-stock/

Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-muted-as-growth-worries-weigh-trade-talks-in-focus-idUSKCN1R91EG

CNBC:
https://www.cnbc.com/2019/03/28/stock-market-growth-fears-remain-in-focus-gdp-and-jobless-numbers.html

U.K.:
https://uk.reuters.com/article/uk-britain-stocks/ftse-100-gains-on-sterling-slide-brexit-deadlock-unbroken-idUKKCN1R90TT

Europe:
https://www.reuters.com/article/us-europe-stocks/european-shares-rise-on-trade-hopes-despite-brexit-deadlock-idUSKCN1R91B7

Asia:
https://www.marketwatch.com/story/nikkei-falls-but-other-asian-markets-make-up-early-losses-2019-03-27/print

Bonds:
https://www.cnbc.com/2019/03/28/us-bonds-treasury-yields-tick-lower-as-investors-await-data-auctions.html

Currencies:
https://www.cnbc.com/2019/03/28/forex-market-dovish-central-banks-us-treasury-yields-in-focus.html

Oil:
https://www.cnbc.com/2019/03/28/oil-market-us-crude-inventories-opec-supply-cuts-in-focus.html

Gold
https://www.cnbc.com/2019/03/28/gold-market-us-treasury-yield-brexit-vote-in-focus.html

WSJ: Markets At A Glance:
https://markets.wsj.com/us

Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor

SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker

SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors

Current Futures:
https://finviz.com/futures.ashx