Stocks extend Friday’s rally on jobs report momentum

Wall St. slips on renewed trade-war worries but posts monthly gains
June 22, 2018
World stocks gain despite trade war rumblings
June 22, 2018

Stocks extend Friday’s rally on jobs report momentum

Stocks add to Friday’s gains as the strong May jobs report outweighs China’s weekend warning following another round of trade talks that any agreements reached on trade will be void if the U.S. decides to implement tariffs; Dow +0.8%, S&P +0.4%, Nasdaq +0.3%.

“The market seems to be focused on the economy and not so much on the potential consequences from trade tensions,” says Peter Cardillo, chief market economist at Spartan Capital Securities. “The question is whether Trump will smooth things out or make them worse” at the upcoming G7 summit meeting.

European bourses are higher, with U.K.’s FTSE +0.6%, and Germany’s DAX and France’s CAC both +0.4%; in Asia, Japan’s Nikkei ended +1.2% and China’s Shanghai Composite closed +0.5%.

In U.S. corporate news, Facebook -0.5% following a NY Times article that says the company gave device makers deep access to users’ personal data, and Micron -1.2% after WSJ reports China regulators are investigating the company and other foreign chipmakers.

Most S&P 500 sectors are higher but gains have been modest, led by energy (+0.6%), industrials (+0.6%) and consumer staples (+0.6%).

U.S. Treasuries are roughly flat, keeping the benchmark 10-year yield near its Friday close of 2.90%.

The U.S. Dollar Index is -0.4% at 93.78, and U.S. WTI crude futures +0.1%at $65.91/bbl.

Still ahead: U.S. factory orders

Source: https://seekingalpha.com/news/3361374-stocks-extend-fridays-rally-jobs-report-momentum