S&P hits record high after US-China trade truce – Five experts weigh in on what's next for markets

as Wall Street applauded a trade truce between President Trump and Chinese President Xi Jinping over the weekend.

"Number one, you look at economic data starting to cool, but at the same time though we're still very expansionary. Number two, valuations are a little bit elevated, but earnings growth could weaken especially with an earnings recession this quarter and potentially next quarter. And three, you're seeing the bond market… we have an inverted yield curve, suggesting a weaker growth down the road. All of this is going to create a lot of market volatility.

"I'll take good news. In the event that the economy finds some strengthening here and our trade issues are put behind us, and the Federal Reserve then does not cut, then I would certainly take that. And I think that we will see corporate earnings in the United States in the quarter just passed and the rest of the year rise some. We could derail that if we had a serious worsening of trade issues around the world. If we don't then I would take that as a positive.

"It was defensives that led the move to utilities, consumer staples and it was largely because the very front end of the treasury market repriced 60 basis points in a short period of time. That helped boost the S&P, but more important the rate sensitive groups weren't really around like the utilities.

Source: News Formal (newsformal.com)

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