US markets end mostly higher amid investors await US-China meeting on trade policy

28 Jun 2019 Evaluate

The US markets ended mostly higher on Thursday as traders looked ahead to the highly anticipated G20 meeting between President Donald Trump and Chinese President Xi Jinping. Trump and Xi are not expected to come out of the meeting with a finalized trade deal, but traders will be looking for signs of progress toward kick-starting the stalled negotiations between the two economic superpowers. A private report said Xi plans to present Trump with a set of terms the US should meet before Beijing is ready to settle the trade dispute. Lifting the ban on the sale of US technology to Chinese telecom giant Huawei, removing all tariffs and dropping efforts to get China to buy more US exports are reportedly among the preconditions. However, Trump is not likely to appreciate Xi dictating terms and has repeatedly threatened to escalate the trade war with new tariffs on all remaining Chinese imports.

On the economic front, pending home sales in the US jumped by slightly more than anticipated in the month of May, according to a report released by the National Association of Realtors (NAR), with pending sales rebounding after showing a steep drop in the previous month. NAR said its pending home sales index surged up by 1.1 percent to 105.4 in May after tumbling by 1.5 percent to 104.3 in April. Street had expected the index to increase by 1.0 percent. Despite the monthly increase, pending home sales in May were down by 0.7 percent compared to the same month a year ago, reflecting the 17th straight month of annual decreases.

Besides, the Labor Department released a report showing first-time claims for US unemployment benefits increased by more than expected in the week ended June 22. The report said initial jobless claims rose to 227,000, an increase of 10,000 from the previous week's revised level of 217,000. Street had expected jobless claims to inch up to 220,000 from the 216,000 originally reported for the previous week. The Labor Department also said the less volatile four-week moving average crept up to 221,250, an increase of 2,250 from the previous week's revised average of 219,000. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also climbed by 22,000 to 1.688 million in the week ended June 15. The four-week moving average of continuing claims rose to 1,686,750, an increase of 6,500 from the previous week's revised average of 1,680,250.

Nasdaq surged 57.79 points or 0.73 percent to 7967.76 and S&P 500 was up by 11.14 points or 0.38 percent to 2924.92, while Dow Jones Industrial Average declined 10.24 points or 0.04 percent to 26526.58.

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