Wall Street poised for small gains after Trump's gloomy outlook on China
Trump: We just hit the highest stock market in history
President Trump on the U.S. economy, job growth and the stock market rise.
The top three equity benchmarks are expected to open with slight increases on Wednesday as second-quarter earnings season heats up and trade tensions continue to weigh on investor sentiment.
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The potential rally comes after the Dow Jones Industrial Average reached a new record on Tuesday before quickly giving up those gains. The Dow, S&P 500 and Nasdaq all closed previously with minor losses.
Investors continue to remain skeptical of a trade deal between the U.S. and China. And President Trump’s comments on Tuesday that the White House may seek to impose new tariffs on the Asian nation after previously vowing to hold-off sent markets down.
Still, firm expectations that the Federal Reserve will lower interest rates at the end of July were again reinforced by Chairman Jerome Powell.
On Wednesday, investors will hear from United Airlines executives on the impact of the grounding of Boeing’s Max fleet. Despite canceling thousands of flights over the past several months, the Chicago-based carrier reported a 54 percent rise in profits in the second quarter.
Meanwhile, Bank of America posted mixed results, with profits coming in higher than Wall Street and revenue falling below expectations.
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Netflix and IBM are among the firms that report earnings once the markets close.
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