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Stock market news: November 18, 2019



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The S&P 500 and Dow turned slightly positive mid-morning Monday as investors weighed mixed signals over progress in the US-China interim trade agreement.

Here are the main movements in the market, at 11:50 ET:

  • S&P 500 (^ GSPC): + 0.01%, or 0.46 point

  • Dow (^ DJI): + 0.06%, or 16.62 points

  • Nasdaq (^ IXIC): -0.04%, or 3.21 points

  • 10-year Treasury yield (^ TNX): -2.7 bps to 1.807%

  • Gold (GC = F): + 0.23% to $ 1,471.90 per ounce

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer spoke during weekend with Chinese Deputy Prime Minister Liu He to discuss the details of the phase one trade agreement between the two countries, according to & nbsp;Chinese government news agency, Xinhua."data-reactid =" 23 "> US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer spoke over the weekend with Chinese Deputy Prime Minister Liu He to discuss the details of the first phase of the trade agreement between the two countries, according to the China-run Xinhua news agency.

The two sides had "constructive discussions about each other's core concerns in the 'phase one' agreement, and agreed to maintain close communication," according to the account.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Chinese talk accounts help send futures at first However, later on overnight session, futures trimmed gains after CNBC reported Beijing was "pessimistic" that a phase one agreement would be carried out given President Donald Trump's reluctance to reduce tariffs on Chinese imports, according to a the report quoted an unnamed government source."data-reactid =" 25 "> China's negotiating account helped send futures initially higher. However, later in the session overnight, futures trimmed gains after CNBC reported Beijing was" pessimistic "that stage one of the deal would be carried out given President Reluctance Donald Trump to rotate returns to existing tariffs on Chinese imports, according to a report quoting unnamed government sources.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Separately, on Monday, the Trump administration & nbsp;decided to issue an extension of 90 days to allow& nbsp; US. company to continue to do business with Chinese telecommunications giant Huawei. The company was added to the Commerce Department's economic blacklist in May because of national security issues, but has been allowed to buy components from several US companies to reduce disruption to these domestic companies. "Data-reactid =" 26 "> Separately, on Monday, the Trump administration decided to issue a 90-day extension to enable US companies to continue doing business with Chinese telecommunications giant Huawei. The company was added to the Commerce Department's economic blacklist on in May on national security issues, but have been allowed to buy components from several US companies to reduce disruption to these domestic companies.

Meanwhile, the surprise reduction in short-term funding rates in China helped increase risky assets as investors consider new stimulus injected into the world's second-largest economy to help sustain growth by encouraging lending and lending.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, USA, November 4, 2019. REUTERS / Brendan McDermid

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The People's Bank of China reduced the key seven-days reversing the repurchase rate to 2.50% from the previous 2.55%, marking the first cut to a closely watched loan rate in four years.This step occurred when China & nbsp;grappling with a stalled growth rate to a 30-year low, with trade and investment cooling concerns in the country weighing on economic expansion. "data-reactid =" 39 "> The People's Bank of China reduced its key seven-day repurchase rate to 2.50% from 2.55% previously, marking the first cut to a closely watched loan rate in four years. This move occurred when China grappling with growth rates stalled to a 30-year low, with trade and cooling concerns in the country weighing on economic expansion.

"For the market, this cut is the same as proving that the PBOC remains accommodative, with further easing if growth continues to be weak," Joshua Mahony, senior market analyst at IG Group, wrote in an email.

<h2 class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "STOCKS: Saudi Aramco's IPO, HP reject Xerox's takeover offer"data-reactid =" 41 ">STOCKS: Saudi Aramco's IPO, HP reject Xerox's takeover offer

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Saudi Aramco monolith oil is estimated to be worth between $ 1.6 trillion to $ 1.7 trillion after the initial public offering, based on the details of the offer in the company's statement over the weekend. "data-reactid =" 42 ">Saudi Aramco monolith oil is estimated to be worth between $ 1.6 trillion to $ 1.7 trillion after the initial public offering, based on the details of the offer in the company's statement over the weekend.

Saudi Aramco, the most profitable company in the world, intends to offer an offer price of 30-32 Saudi riyals and sell 1.5% shares in the company, or about 3 billion shares. The listing will take place in December on the Taduwal exchange, and Saudi Aramco has said it will sell up to 0.5% of its shares to individual investors.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "HP (HPQ) rejects the takeover offer proposed by a printing hardware company Xerox (XRX), & nbsp;write in an open letter& nbsp; over the weekend that the last $ 33.5 billion cash and stock offer "significantly" valued the company. HP's market valuation is more than three times that of Xerox, and the HP board said that the combined company would be left with "too much debt" and would not be in the "best interests" of shareholders. "Data-reactid =" 44 ">HP (HPQ) rejects the takeover offer proposed by a printing hardware company Xerox (XRX), wrote in an open letter over the weekend that the latest $ 33.5 billion cash and stock offer "significantly" valued the company. HP's market valuation is more than three times that of Xerox, and the HP board said that the combined company would be left with "too much debt" and would not be in the "best interests" of the shareholders.

But in the letter, HP suggested it would consider a transaction that would involve it as an Xerox acquirer, noting that it could "quickly evaluate the benefits of a potential transaction."

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "T-Mobile (TMUS) was announced Monday that Mike Sievert, currently chief operating officer, will take over as chief executive officer on May 1, 2020, the company said in a statement. Sievert will replace John Legere, whose contract with the telecommunications company ends April 30, 2020. "data-reactid =" 46 ">T-Mobile (TMUS) was announced Monday that Mike Sievert, currently chief operating officer, will take over as chief executive officer on May 1, 2020, the company said in a statement. Sievert is set to replace John Legere, whose contract with the telecommunications company ends April 30, 2020.

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