Tuesday’s Headlines: U.S.-China Deal Is Still In-Play

Tuesday’s Headlines: U.S.-China Deal Is Still In-Play

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Atlassian (TEAM) +6.9%

Square (SQ) +6.4%

Sea Limited (SE) +6.0%

Smartsheet (SMAR) +6.0%

Trupanion (TRUP) +5.9%

Moving Down ⬇️

Ulta Beauty (ULTA) -3.2%

Pure Storage (PSTG) -3.4%

Planet Fitness (PLNT) -3.4%

Wynn Resorts (WYNN) -4.0%

Baozun (BZUN) -6.7%

1. The stock market experienced a shock drop after hours last night over rumors that the U.S.-China trade deal was no longer in place. However, despite rising tensions of late, White House trade advisor Peter Navarro clarified that the U.S.-China trade deal is still on, sending stock futures up this morning to leave them in the green. The Phase 1 trade deal has been in place since December 2019 and to end it now would be poor timing considering the ongoing damage caused by COVID-19 which is once more hitting record levels of infections in several states. Read more here.

2. Investors were happy with Apple’s (AAPL) first-ever online-only WWDC keynote, where the company revealed iOS 14 with a new home screen for iPhones, iPadOS 14, macOS Big Sur, watchOS 7, and more. Apple stock rose 2.6% before market close and has continued to rise after hours, bringing its gains in 2020 to nearly 18% YTD compared to the S&P 500’s (VOO) 4% loss in the same period. The biggest news though was Apple’s worst kept secret; that it would no longer use Intel chips in its computers but its own, enabling the company to offer faster performance on its laptops and desktops. Get a lowdown on the complete keynote here.

3. When he’s not running afoul of the White House via his social media platform Twitter (TWTR), Jack Dorsey is overseeing his digital payment upstart Square (SQ) close in on all-time highs. The stock rose 6.9% on Monday after analysts boosted the company’s target share price behind the belief that Square’s merchants will recover from the coronavirus pandemic better than investors might expect. Not only that, but should Square’s smaller clients survive the pandemic, they will likely avail of the company’s loan schemes in order to shore up against further losses, thus boosting Square’s capital lending business. Read more here.

JamieJamie

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