This S&P Signal Just Flashed for the 4th Time Ever

The 2018 trade deficit rose to a 10-year high

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3/06/2019

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Stock Futures Extend Losses After Weak Trade Data

By Patrick Martin

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Dow Jones Industrial Average (DJI) futures are below fair value this morning, as Wall Street awaits updates on U.S.-China trade talks. A Bloomberg report indicated President Donald Trump is pressuring officials in Washington to reach a deal soon in the hopes of boosting the stock market. Investors are also digesting the latest ADP employment report, which showed the U.S. added 183,000 private sector jobs in February, just below the consensus estimate, while January's total was upwardly revised to 300,000 from 213,000.

Then there's the latest trade data to digest. A Commerce Department report showed the U.S. trade deficit climbed to a 10-year high of $621 billion in 2018. For December, it rose 18.8% to a seasonally adjusted $59.8 billion, higher than anticipated. Oil prices are also pulling back, with April-dated crude futures down 1.1% at $55.92 per barrel.

Continue reading for more on today's market, including: 

  • This S&P signal just flashed for the fourth time ever, according to Schaeffer's Senior Quantitative Analyst Rocky White.
  • Cowen pumped the breaks on EA's "Apex Legends."
  • Call buyers placed bets during Revlon's sell-off.
  • Plus, VMware pulls back after downgrade; Abercrombie & Fitch set to soar on earnings beat; and GE cash flow problems spur price-target cut.
>> Continue reading...
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