U.S. market stocks mainly in technology rose Tuesday morning following a Washington report that trade talks with China will resume in two weeks, easing the trade fears that had been fueled by the mysterious cancellation of Chinese delegates cancelling their visit to U.S. farms in Montana last Friday.
Here's how the main U.S. market indicators settled Tuesday:
S&P 500 Index (SPY): -0.81% or 24.10 points
Dow Jones Industrial Average (DIA): -0.49% or 128.05 points
Nasdaq Composite Index (QQQ): -1.46% or 118.40 points
President Donald Trump addressed the United Nations General Assembly Tuesday, with many of his remarks harboring against globalism, stating that, "The future does not belong to globalists."
Trump continued to demonstrate his nationalistic ideals with his remarks on limiting U.S. military engagement around the world. Trump stated: "If you want freedom, take pride in your country, if you want democracy, hold on to your sovereignty. If you want peace, love your nation."
Another key takeaway point from Trump's speech surrounding the United States' global relations is that Trump is highly critical of China's trade practices. It seems that though trade talks are still going to take place in the coming weeks there is still no reassurance that an agreement will be met to finally conclude the over-a-year-long standoff.
Ongoing trade uncertainty has been affecting markets, with U.S. consumer confidence being the latest victim in September. The Conference Board Consumer Confidence Index declined nine points in September, now standing at 125.1 from 134.2 in August. It seems that trade uncertainty in late August has negatively affected U.S. consumer confidence in the economy.
In oil news, global oil prices fell 2% following Trump's U.N. speech. Investors are becoming increasingly wary of the ongoing U.S.-China trade war negotiations after Trump's criticism of China's trade practices. Brent crude futures fell 2% to $63.42 a barrel. U.S. West Texas Intermediate futures dripped 1.9% to $57.52 per barrel.
Tomorrow's update will follow the ever growing global trade uncertainty as the U.S.-China trade war continues.