President Trump talks about stocks, jobs and 401(k)s while speaking to supporters at a ‘Keep America Great’ rally in Toledo, Ohio.
Stocks opened little changed Tuesday, drifting near record highs as investors continue to wait on the details of the phase one trade deal with China and after the big banks kicked off earnings season.
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All three of the major averages held near their record peaks after the S&P 500 and Nasdaq Composite closed in record territory Monday. The Dow Jones Industrial Average finished two points from its own peak.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 3283.81 | -4.32 | -0.13% |
| I:DJI | DOW JONES AVERAGES | 28931.02 | +23.97 | +0.08% |
| I:COMP | NASDAQ COMPOSITE INDEX | 9255.636732 | -18.30 | -0.20% |
Investors continue to look ahead to Wednesday’s signing of the phase one trade deal after a delegation led by Chinese Vice Premier Liu He landed in Washington on Monday.
Earnings season started with investment banks JPMorgan Chase and Citigroup reporting results that exceeded expectations, as Wells Fargo continued to struggle. JPMorgan earned a record profit in 2019 as trading revenue surged. Citigroup also reported better-than-expected results thanks to its credit card and trading businesses. Meanwhile, Wells Fargo recorded a $1.5 billion charge related to an array of legal issues, putting a dent in its profit.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JP MORGAN CHASE & CO. | 140.18 | +2.98 | +2.17% |
| C | CITIGROUP INC. | 82.25 | +1.60 | +1.98% |
| WFC | WELLS FARGO & COMPANY | 50.58 | -1.53 | -2.94% |
Delta Air Lines surged after reporting its fourth-quarter profit topped estimates as it gained customers from other airlines who were hampered by cancellations of the 737 Max.
Tesla continued to zoom higher after investment bank Jefferies raised its price target to $600 a share from $400. Shares crossed the $500 mark for the first time Monday and have already gained 25.5 percent this year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DAL | DELTA AIR LINES INC. | 62.19 | +2.69 | +4.53% |
| TSLA | TESLA INC. | 530.21 | +5.35 | +1.02% |
Google-parent Alphabet approached a $1 trillion valuation after Deutsche Bank hiked its price target to $1,735 a share from $1,550.
Elsewhere, GameStop plunged after cutting its 2019 profit and same-store sales outlooks due to a weak holiday season.
Beyond Meat continued to squeeze higher after rapper Snoop Dogg and Dunkin’ announced a one-week long collaboration on a plant-based sausage sandwich. Shares spiked 19 percent as short-sellers scrambled to cover their positions after the deal was announced on Monday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 1,441.26 | +1.23 | +0.09% |
| GME | GAMESTOP CORP | 4.64 | -0.79 | -14.55% |
| BYND | BEYOND MEAT INC. | 124.65 | +10.31 | +9.02% |
Commodities were mixed with West Texas Intermediate crude oil up 0.8 percent at $58.54 a barrel and gold down 0.4 percent $1,545 an ounce.
U.S. Treasurys were flat with the yield on the 10-year note at 1.844 percent after the Bureau of Labor Statistics said consumer prices edged up 0.2 percent month-over-month in December, missing the 0.3 percent gain that was expected.
In Europe, Britain’s FTSE was up 0.7 percent, Germany’s DAX was unchanged and France’s CAC was down 0.2 percent.
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Overnight, Asian markets were mixed with Japan’s Nikkei gaining 0.7 percent while Hong Kong’s Hang Seng and China’s Shanghai Composite fell 0.2 percent and 0.3 percent, respectively.
