The market looks to regain some ground after Trump's statement on Huawei
From early indications, it seems like the U.S. market is poised to regain at least some of the ground lost in heavy selling yesterday, and the bounce is coming after the S&P 500 Index held an important area of technical support.
For now, it looks like the SPX is bouncing off the key psychological support level at 2800 that it held above on Thursday. If the index can hold above that level into the weekend, it could potentially portend a larger bounce. But hopes were dashed as the U.S. added to tariffs, the Chinese announced retaliation, and the Trump administration blacklisted Huawei, before giving the Chinese telecom giant a 90-day window to access U.S. technology and buy equipment from U.S. companies.
Tariff weariness seems to be setting in. Without a settlement, it seems likely that the path of least resistance for many investors could be to sell stocks and buy bonds until the tariff tiff is resolved. Until then, people may just not have as much faith in equities as they have had for much of this year.
The risk off-mood could also have been exacerbated as traders and investors may have been wanting to square up positions and take some risk off the table ahead of a long weekend.
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