U.S. stocks on Friday were on track to open near records as investors looked beyond a litany of central-bank decisions of the past week and focused on signs of improving China-U.S. trade developments.
What’s driving the market? Wall Street stocks were trending upward to end the week, with reports that President Donald Trump was exempting hundreds of Chinese products from tariffs, according to Politico, citing documents from the U.S. Trade Representative, which indicate that Christmas tree lights, pet supplies and plastic straws are among some of the products being exempted.
“Friday should be a massive liquidity day for equities markets due to Quad Witching and the rebalancing of several major index families, pensions planning to rebalance could use this as a prime opportunity to trade into positions ahead of month-end,” wrote Dave Lutz, head of ETF Trading at JonesTrading in a Friday note. “With the S&P 500 outperforming on both a monthly and quarterly basis versus other asset classes, this results in a current projection of $17bn in selling of U.S.
Boston Federal Reserve Bank President Eric Rosengren, who was one of the dissenters in Wednesday’s Fed decision, advocated for holding rates steady, will speak at 11:20 a.m. at New York University, while Dallas Federal Reserve Bank President Robert Kaplan is slated to participate in a question-and-answer at 1 p.m. in Texas.
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