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Yesterday, US stock indices closed mixed. The S&P 500 showed no movement, closing with a 0.00% change, while the Nasdaq 100 gained 0.55%. The Dow Jones Industrial Average declined by 0.16%.
The indices pulled back slightly after the meeting between Donald Trump and Xi Jinping, which generally went as expected, helping stocks remain near record-high levels. However, the euphoria from the truce in the trade war seems to be waning. Investors are starting to realistically assess the prospects of a new agreement that does not resolve all the contradictions between the two largest economies in the world.
On the corporate front, the earnings season continues. Investors are closely analyzing company results and their forecasts for the future. The ability of companies to demonstrate sustained profit growth amid a slowing global economy will now be a critical factor in maintaining the current high index prices.
The Asian index fell by 0.1%, while futures for US stocks fluctuated between slight gains and losses. The mainland China index declined by 0.3%, whereas the Japanese Nikkei 225 index rose by 0.1% after the Bank of Japan kept its key interest rate unchanged.
Investors had hoped that the US-China meeting would help ease the world's largest trade dispute and stabilize markets after several months of tension. Following the April crash triggered by the imposition of tariffs, global stocks reached record highs due to optimism regarding artificial intelligence and the Federal Reserve's policy easing, which cut interest rates yesterday. However, the central bank warned investors that further rate cuts in December are not guaranteed, dampening demand in the stock market and leading to a correction.
Regarding the trade meeting, Trump stated that the deal would allow China to resume soybean purchases from the US and suspend the licensing regime for rare earth metals for at least a year. The president's remarks to reporters indicated that the leaders mainly formalized the framework agreement reached last weekend by US and Chinese representatives in Malaysia. China has yet to release information about the negotiations. Trump also mentioned discussions with China regarding access to Nvidia chips but suggested that access to the most advanced Blackwell lineup will not be provided.
As for the technical picture of the S&P 500, the main task for buyers today will be to overcome the nearest resistance level of $6,896. This will help the index gain ground and pave the way for a breakout to the new level of $6,914. An equally important objective for bulls will be maintaining control above $6,930, which would strengthen buyers' positions. In the event of a downward move driven by reduced risk appetite, buyers must assert themselves around the $6,874 area. A breakout below this level would quickly push the trading instrument back to $6,854 and open the path toward $6,837.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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