U.S. Stocks Hit 12-Week High
After opening near overnight highs, U.S. stocks reached their highest levels since March, following European & Asian indices as it appears that optimism over the economy may have given investors a confidence boost. Front-month ES futures rose for a second day in a row, as Microsoft agreed to buy coding site GitHub for $7.5 billion.
It’s possible that traders may be starting to ignore every tweet or announcement made on the trade front. Last week seemed like a seesaw to some, as tweets & speeches flew out of China, Canada, Mexico, Europe, and the U.S. at a dizzying pace, which each country making its own opinions & threats heard about the various trade agreements between all parties involved. Investors may be instead turning to the impressive U.S. jobs data on Friday, providing the market with some needed confidence after such a rocky week. However, the risk for more rockiness in U.S. stocks is not over. G-7 leaders will meet in Quebec later this week, as the EU & Canada threatens retaliatory measures for Trump suggesting that the U.S. imposes new aluminum & steel levies.