1) Stocks traded lower this morning but rallied to post gains after Trump suggested a trade deal with China could come sooner than later. The Dow Jones Industrial Average gained 162.94 or 0.61%, the S&P 500 added 18.27 or 0.62% while the NASDAQ 100 closed higher by 83.76 or 1.05% and the Russell 2000 finished higher by 17.07 or 1.11%.
2) Crude Oil Futures dropped $0.77 or 1.35% after a surprise build in U.S. Crude stockpiles while Gold Futures plunged $28.60 or 1.86% after a strong move higher by the U.S. dollar. The Bond market fell sharply and the yield on the 10-Year Treasury Note settled at 1.732%.
3) Robust sales of new homes in August helped KB Homes Inc. (KBH) deliver better-than-expected earnings and revenue numbers but traders and investors still have concerns about two main issues. Increasing home prices and higher mortgage rates could impact future earnings for KBH and other builders. Shares of KBH are currently trading lower by $0.48 or 1.48% in the after-hours trading session.
About the author
Vince Vora is the head trader at TradingWins.com. Over the last three decades, he has been trading and refining his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. His systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, futures and forex. By: TradingWins Team
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