Delancey Strategies chief strategist Jared Levy says people ‘shouldn’t be afraid’ about the stock market amid President Trump’s impeachment in the House.
The S&P 500 and Nasdaq Composite opened in record territory Monday morning as stocks kicked off their final full week of trading for 2019. The Dow Jones Industrial Average was just below its own record peak.
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The early gains have the Nasdaq Composite on track for an eighth straight close at record highs, which would be the longest stretch since July 20, 1998.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 28561.46 | +106.37 | +0.37% |
| SP500 | S&P 500 | 3224.87 | +3.65 | +0.11% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8938.851611 | +13.90 | +0.16% |
Concerns over the possibility of a North Korean missile test were contained by signs of further progress in cooling trade tensions between Washington and Beijing as China announced plans to further open its financial markets to private business.
The Ministry of Finance announced on Monday tariff cuts effective Jan. 1 on frozen pork, asthma and diabetes medications, integrated circuit boards and some 850 other products.
The step is intended to promote the coordinated development of trade and environment, the official Xinhua News Agency said.
China’s government repeated a promise on Monday to open its oil, telecom and power markets wider to private competitors.
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Concern rose after North Korea said its leader Kim Jong Un had convened a key ruling party meeting to decide on steps to bolster the country’s military capability. The meeting came amid speculation that the North could abandon diplomacy with the U.S. and launch either a long-range missile or a satellite-carrying rocket if Washington doesn’t accept its demand for new incentives to salvage faltering nuclear negotiations by year’s end.
Trade sensitive names moved higher following the report with 3M, Apple and Caterpillar posting early gains.
Boeing shares are higher after CEO Dennis Muilenburg resigned. He will be replaced by Chief Financial Officer Greg Smith on an interim basis before board member David Calhoun takes over as CEO and president.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MMM | 3M COMPANY | 177.00 | +1.63 | +0.93% |
| AAPL | APPLE INC. | 282.32 | +2.88 | +1.03% |
| CAT | CATERPILLAR INC. | 146.86 | -0.71 | -0.48% |
| BA | BOEING COMPANY | 338.87 | +10.87 | +3.31% |
Live Nation Entertainment, Zebra Technologies and Steris are the newest members of the S&P 500, replacing Affiliated Managers Group, TripAdvisor and The Macerich Co.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LYV | LIVE NATION ENTERTAINMENT | 71.92 | +0.37 | +0.52% |
| ZBRA | ZEBRA TECHS | 255.27 | +2.78 | +1.10% |
| STE | STERIS | 150.75 | +0.91 | +0.61% |
| AMG | AFFILIATED MANAGERS GROUP | 85.68 | +1.18 | +1.40% |
| TRIP | TRIPADVISOR INC. | 29.95 | -0.11 | -0.37% |
| MAC | MACERICH | 26.44 | -0.03 | -0.10% |
Tesla shares were higher for a 10th time in 12 days, putting further pressure on short-sellers who lost more than nearly $2.4 billion this year.
Uber fell after a filing out Friday showed co-founder Travis Kalanick dumped more of his stock. He has sold more than 90 percent of his stake over the last seven weeks, amounting to more than $2.5 billion.
Elsewhere, Diamond Eagle Acquisition Corp. gained after announcing a deal to combine with the sports-betting platform DraftKings in a deal that values the new company at about $3.3 billion. The newly formed company will change its name to DraftKings once the deal closes in the first half of 2020.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 416.88 | +11.29 | +2.78% |
| UBER | UBER TECHNOLOGIES INC. | 30.24 | -0.21 | -0.69% |
| DEAC | DIAMOND EAGLE ACQUISITION CORP COM USD0.0001 CL A | 10.70 | +0.53 | +5.21% |
Commodities traded mixed with gold up 0.3 percent at $1,486 an ounce and West Texas Intermediate crude oil down 0.2 percent at $60.30 a barrel.
U.S. Treasurys were little changed after durable goods orders missed expectations. The yield on the 10-year note was holding near 1.915 percent.
In Asia, Japan’s Nikkei 225 index was flat, Hong Kong’s Hang Seng edged up 0.1 percent and the Shanghai Composite index fell 1.4 percent.
Britain’s FTSE 100 rose 0.5 percent, Germany’s DAX was lower by 0.1 percent and the CAC 40 in Paris edged 0.1 percent higher.
Wall Street ended last week with the S&P 500 notching its 10th winning week in the last 11, finishing with a record high for the fourth time. The Dow and Nasdaq also ended the week at new highs.
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Stocks have traditionally climbed in the last five days of each calendar year, plus the first two of the new year. It’s happened often enough that traders call it the “Santa rally.”
FOX Business’ Ken Martin and the Associated Press contributed to this article.
