Tuesday, December 3, 2019
TODAY’S GAME PLAN:
The main event today is the NATO meeting in London, where President Trump is already making headlines with comments on trade. U.S. auto sales data for November is published throughout the day. Fed speakers have entered media blackout ahead of Dec. 11 FOMC meeting.
Trump told reporters in London Tuesday he has no deadline for a trade accord with China and signaled he would be willing to wait another year before striking an agreement. The U.S. also threat to hit about $2.4 billion of French products with tariffs. The duties would be in response to a tax on digital revenue that hits large American tech companies. France said the European Union would retaliate. Chinese state media said the government would soon publish a list of “unreliable entities” which could lead to sanctions against U.S. companies.
EQUITIES: pre market movers at bottom of this page
U.S. index futures reversed earlier gains and turned negative after President Trump signaled a trade deal with China may come after the 2020 elections. Risk-off sentiment has S&P E-mini futures down 0.4% to its lowest level since Nov. 22.
E-mini S&P is down 0.68%, Nasdaq -0.87%, RTY -0.63%. SPX hit the Fibonacci extension target of 3155 last week as we look for this area to hold for now, with a target of the 50dma area. 3090 area is initial key to start today.
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