In Today's Update:
1) Stocks closed significantly lower again today after news that the much-anticipated meeting between President Trump and Chinese president Xi Jinping will not happen ahead of the March 1st deadline. The Dow Jones Industrial Average dropped 220.77 or 0.87%, the S&P 500 fell 25.56 or 0.94% while the Nasdaq 100 closed lower by 86.93 or 1.18% and the Russell 2000 finished lower by 12.40 or o.82%.
2) Concern over trade between the U.S. and China is also negatively affecting the price of oil. U.S. Crude Oil Futures dropped $1.40 or 2.60% while Gold Futures recovered from earlier losses but still closed lower by $0.80 or 0.06%. The Bond market closed higher dropping the yield on the 10-year treasury note to 2.655%.
3) Sears Holdings (SHLDQ) gets another shot at success after Chairman Eddie Lampert's deal to buy the company for $5.2 billion was approved by a U.S. bankruptcy court and will save 45,000 jobs. In other news, Mattel (MAT) reported better-than-expected earnings and is currently trading higher by $2.20 per share or 17.80% in the after-hours trading session.