Stocks rose at the open as trade talks between China and the U.S. got close to the finish line, increasing expectations that a deal between the two countries could be on the horizon.
Stocks rose on Monday as trade talks between China and the U.S. neared the finish line, increasing expectations that a deal between the two countries could be on the horizon.
"Markets expect a deal by the end of March, but the key here will be whether the deal results in the removal of all tariffs," said Tom Essaye, founder of The Sevens Report."The reports this morning imply that might happen, but it will have to become reality for US-China trade to provide a sustainable positive catalyst for stocks."
However, the U.S. wants the ability to re-impose levies on Chinese goods if talks fail on enforcement mechanisms on intellectual property theft and related matters. According to sources, this is not sitting well with the Chinese. "The news has been priced into U.S. equities," said John Davi, chief investment officer at Astoria Portfolio Advisors."But if you take a step back, positioning is still pretty light in U.S. equities, so even though we think everything is priced in, we could rally a little bit more. People haven't re-risked their portfolios since December. If you look at fund flows … it's still very light on the positioning side for U.S. stocks.
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