Wall Street moved negligibly on Nov 6 as stocks struggled to sustain the rally earlier in the week. Investors tried to make sense of the latest developments in the U.S.-China trade negotiations on Wednesday, which indicated a delay in sealing the trade deal.
The Dow Jones Industrial Average and Nasdaq Composite ended in negative territory on Nov 6. The former lost less than a point to finish at 27,492.56 while the latter shed 0.3% to settle at 8,410.63. The S&P 500, however, added 0.1% to hit 3,076.78.
The fear-gauge CBOE Volatility Index (VIX) lost 4.6% to close at 12.50 on Nov 6. Finally, decliners outnumbered advancers on the NYSE by a 1.21-to-1 ratio.
A U.S.-China Trade Deal Could Be Delayed Till December
According to Reuters, the much-awaited meeting between President Donald Trump and his Chinese counterpart to sign the interim trade deal may not take place until December as negotiations continue over terms and venue.
A senior official of the Trump administration told Reuters that it was possible still that the “phase one” agreement which is aimed to conclude the prolonged trade war between the two countries may not be reached, but a deal was more likely to be agreed upon.
Officials are currently discussing the venue where the presidents might meet.
Remarkable Q3 Earnings Season Continues
Shares of Square, Inc. SQ gained 0.5% on Nov 6 after the payment and point-of-sale solutions provider reported Q3 earnings of $0.25 per share, beating the Zacks Consensus Estimate of $0.20. The company’s Q3 revenues of $1.27 billion also surpassed the Zacks Consensus Estimate by 9.77%.
Management raised its full-year outlook both including and excluding the impact of sale of its Caviar food-delivery business. Square carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. (Read more)
Shares of CVS Health Corporation CVS also added 5.4% after the company reported third-quarter 2019 adjusted earnings per share of $1.84, which exceeded the Zacks Consensus Estimate by 3.9%. CVS Health carries a Zacks Rank #3 (Hold).
CVS Health’s total revenues in the said quarter gained 36.5% year over year to reach $64.81 billion, which also surpassed the Zacks Consensus Estimate by 2.8%. The year-over-year revenue increase was mostly driven by the acquisition of Aetna, expanded volume and the brand name drug price inflation in both the pharmacy services and retail/LTC segments. (Read more)
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