Progress on trade talks will determine how far market will move above new highs.
The S&P 500 lost nearly 20 points on the sudden decision of China officials meeting in Washington for trade negotiations to change their travel schedule and head back to China earlier than planned.Cyclical sectors lag broader market.
With the Fed finished, what's next for the markets? What gets us to sustainable new highs? "The elephant in the room is trade and tariffs and that will dictate how much upside there is," Alec Young, Managing Director, Global Markets Research at FTSE Russell told me. Still, the S&P is little changed this week despite a string of other potentially bad news, from the Iran crisis to the surge in oil to the spike in repo rates to very poor China Industrial Production and Retail sales figures early in the week.
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