Stocks extended gains on Tuesday after a wild overnight session following comments made by White House trade advisor Peter Navarro. All three major benchmarks gained, with positive trade deal news outweighing increasing coronavirus fears. The Nasdaq soared to a new record closing high on Tuesday as tech stocks continued their winning streak.
In an initial interview with Fox News, Navarro appeared to say that the U.S.-China trade deal was over, following recent increasing tensions between the two world superpowers. This sent stock futures plunging as investors feared the worst. However, Navarro later clarified that his Fox News comments were taken out of context and "had nothing to do with the Phase I trade deal, which continues in place," according to Bloomberg News. President Donald Trump later clarified further, taking to Twitter
The Commence Department also brought more good news, with sales of new homes increasing much more than expected to 16.6% in May over April to a seasonally adjusted annual rate of 676,000. Consensus economists had expected the rate to rise only about 2.7%, making Tuesday's reading a strong signal of the housing market's recovery following the coronavirus pandemic.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, tech giants like Apple
In Stock Sector News, industries mainly continued to gain during Tuesday's session, with only Utilities -1.06%, Real Estate -0.35% and Consumer Staples -0.14% declining and Industrials ending the trading day unchanged. The rest of the performance gains were as follows: Consumer Discretionary +1.04%, Information Technology +0.70%, Communication Services +0.62%, Health Care +0.445, Financial +0.42%, Material +0.21% and Energy +0.08%.
In Commodity and Currency News, crude oil futures ticked lower on Tuesday as demand concerns continue to weigh against economic rebound optimism. Both West Texas Intermediate
For the mid-week, investors will continue to keep on eye on coronavirus headlines in the United States. The International Monetary Fund is only slated to release its economic outlook report on Wednesday.