Market participants were treated to another episode of wild intraday gyrations when news hit earlier in the day indicating that a Phase One U.S.-China trade deal would not happen until next year. That sent the indexes and stocks of all stripes spinning to the downside as the news shot them out of the sky.
A little later, news that White House Deputy Press Secretary Judd Deere spewed that “Negotiations are continuing and progress is being made on the text of the phase-one agreement” stemmed the decline as diving stocks reversed course in mid-air and began to levitate.
By the time the dust settled, the NASDAQ Composite, S&P 500 and Dow Jones Industrials all closed mid-range or better, but still down on the day on much higher volume. Summed up, it was a high-volume distribution off the peak with some support off the lows, perhaps due in part to the shifting news flow.
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