Trump said yesterday that over the next three or four weeks, the US would know where the US/China trade agreement stands. Meanwhile the Chinese state media said the US and China have made “concrete progress” on trade pact text after Vice Premier Liu He spoke with US representatives Steven Mnuchin and Robert Lighthizer via telephone.
Facebook (FB) announced their Chief Product Officer Chris Cox and WhatsApp business development leader Chris Daniels have resigned as Facebook is shifting their focus to a “privacy-focused social platform.” Broadcom (AVGO) is up nearly 5% after beating expectations. Adobe (ADBE) is down over 2% and Oracle (ORCL) is down over 3% after lowering second quarter guidance. Boeing (BA) is also down again after announcing they would pause delivery of their 737 MAX planes.
The SEC sued the German automaker Volkswagen (VLKAY) for perpetrating “a massive fraud” during the diesel emissions scandal. Volkswagen had announced they were cutting 5K to 7K jobs as they move away from gas powered vehicles to focus on electric.
The economic calendar focus is 10:00am UoM Consumer Sentiment. Minor reports include Empire State @ 8:30am EST, Capacity Utilization and Industrial Production @ 9:15am EST, UoM Inflation Expectations and JOLTS @ 10:00am EST. Volatility remains steady. The 2825s-2834s area of technical resistance remains as a barrier for the bulls to work through. No Size bias as Globex trading was light.