Key Takeaways
- U.S. equities gained at midday on word of a U.S.-China trade agreement and indications from the White House that more deals are coming.
- Nike shares soared on results, outlook, and tariff offset plans.
- Prices for gold and other precious metals tumbled, sending mining company shares down.
U.S. equities jumped at midday, with the S&P 500 and Nasdaq trading at record highs, as the U.S. struck a trade deal with China and indicated more agreements are coming. The Dow Jones Industrial Average was up as well.
Nike (NKE) was the best-performing stock in the Dow and S&P 500 after the athletic apparel maker reported better-than-expected results and a positive outlook as its turnaround plan appeared to be working. Nike also announced plans to offset the cost of new tariffs.
Shares of Boeing (BA) were boosted by the U.S.-China trade news, which is expected to help the plane maker's sales in that country.
It was another big day for shares of Cyngn (CYN), which soared again following the self-driving industrial vehicle technology maker's announcement of a collaboration deal with Nvidia (NVDA). Shares rocketed 171% higher yesterday on the news.
Shares of Nemont (NEM), Freeport-McMoRan (FCX), and other miners fell as prices for gold and other precious metals tumbled on the U.S.-China trade news.
That also sent down shares of two of the biggest U.S. rare earths producers, MP Materials (MP) and USA Rare Earth (USAR), as China agreed to open up exports of those minerals to the U.S.
Life sciences company Bio-Techne (TECH) shares fell when Stifel warned of “big-picture headwinds” facing the sector.
Oil futures were little changed. The yield on the 10-year Treasury note advanced. The U.S. dollar gained on the yen, lost ground to the euro, and was little changed against the pound. Most major cryptocurrencies traded lower.
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