· Apple, Alphabet and other tech favorites propelled Wall Street to record highs on Monday, fueled by optimism about the signing of a preliminary U.S.-China trade deal, as well upcoming fourth-quarter earnings reports.
Apple (AAPL.O), Facebook Inc (FB.O), Netflix Inc (NFLX.O), Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O), which have powered the longest bull run in U.S. equities, were among the top contributors to record high closes for the S&P 500 and Nasdaq.
Apple rose 2.14% to close at a record high. Also reaching a record high, Google-owner Alphabet Inc (GOOGL.O) added 0.8%, bringing its market capitalization to $993 billion.
Analysts expect profits at S&P 500 companies to drop 0.6% for a second consecutive quarter, according to Refinitiv IBES data.
Many investors, however, are already looking ahead to a potentially rosier earnings outlook once Washington and China resolve their trade dispute.
The Dow Jones Industrial Average .DJI rose 0.29% to end at 28,907.05, while the S&P 500 .SPX gained 0.70% to 3,288.13, its highest close ever.
The Nasdaq Composite .IXIC jumped 1.04% to 9,273.93, also a record high.
· The pan-European Stoxx 600 slipped 0.18% by the close, with autos falling almost 1% to lead losses while tech and utilities stocks added 0.34%.
Representatives from Washington and Beijing are expected to sign the first phase of a long-awaited trade accord on Wednesday, and U.S. Treasury Secretary Steven Mnuchin insisted on Sunday that China’s commitments had not changed during a lengthy translation process. Mnuchin also confirmed that the details will be published this week.
· Asia shares rose on Tuesday as investors await China’s trade data ahead of a long-anticipated phase one deal signing with the U.S. this week. Optimism also rose as the U.S. removed China from a list of currency manipulators.
Japan’s Nikkei 225 bounced 0.74% in early trade, as it returned from a holiday on Monday. The Topix index was up 0.28%. Tech names jumped, with Softbank up 2.38%.
Over in South Korea, the Kospi rose 0.73%. Tech stocks also gained, with Samsung Electronics jumping 1%, SK Hynix surging 2.49%, and LG Electronics up 3.60%.
Australia’s S&P/ASX 200 jumped 0.73%. Major miners gained, with Fortescue Metals up 1.48%, Bhp Group rising 1.19%, and Rio Tinto up 0.79%.
Reference: CNBC, Reuters
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