Trade truce headlines boosted stocks, but they are likely to be a short-lived positive since trade talks between the U.S. and China could drag on for months and result in more tariffs.
Trade truce headlines boosted stocks globally, but they are likely to be a short-lived positive since trade talks between the U.S. and China could drag on for months and result in more tariffs before there is a deal.
Trade sensitive stocks, like Apple and Caterpillar were higher. Semiconductor stocks also rallied, and those that do business with Huawei, like"We still expect a 10 percent correction during 3Q as this past week'send's agreement is viewed as a sell the news event," wrote Morgan Stanley chief U.S. equity strategist Mike Wilson.
Morgan Stanley's Wilson said he would fade the rally in junk and value and cyclical stocks, which have been rising on hope for a deal. He said there is a growing view that the Fed could and possible trade deal could stop economic slowing. ISM manufacturing data, released Monday, slipped to 51.7 from 52, but was better than the 51 expected. New orders in the report were at 50, just barely signaling expansion, and down from 52.7 in May.
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