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In today’s big story, the stock market popped after a temporary trade agreement between the US and China was reached. We look at what some top Wall Street minds expect going forward.
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What’s on deck
Markets: Check out five of Goldman Sachs’ AI tools aiming to revolutionize how its employees work.
Tech: Amazon is rekindling with its old flame FedEx, according to a document obtained by BI.
Business: Costco’s gold bars are such a hot commodity, the retailer put new limits on buying them.
But first, another big win for investors.
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President Donald Trump’s tariffs had investors heading for the hills. A little over a month later, they can’t come back fast enough.
An agreement between the US and China to significantly reduce tariffs for 90 days sent the market skyrocketing. Major indexes gained considerable ground, erasing the losses from Trump’s April 2 “Liberation Day.”
In all honesty, we should have seen this coming. On May 8, Trump told a press pool at the White House, “You better go out and buy stock now.”
It was the second time in the past few months that Trump has telegraphed market-moving news coming down the pipeline by urging people to buy stocks.
Now, investors who followed Trump’s advice are sitting pretty. Tech stocks, including the all-important Magnificent Seven, were up big since many have supply chains and/or customers tied to China.
And stocks weren’t the only thing heading in the right direction. The progress made on US-China trade talks has people less fearful of a recession. Betting markets dropped the chances down to 40% from 52%, where it was last week.
Can the stock market’s good vibes last, though?
That’s what some of the brightest minds on Wall Street tried to think through when reacting to the news. Here’s a rundown of their thoughts.
Not to be a party pooper, but the trade agreement reached between the US and China is still only temporary. The two sides must iron out many issues before anything permanent is established.
