Tag: week

Dow set to rebound more than 100 points after Trump predicts a quick resolution to trade war

U.S. stock index futures rose on Friday after President Donald Trump said the ongoing trade war could be over quickly, but equities were still on pace to close lower for the week. Dow Jones Industrial Average futures rose 168 points, indicating a gain of 145 points at the open. Trump told reporters on Thursday afternoon he expected the U.S.-China trade war to end swiftly. He also noted a trade deal with China could lift tough restrictions on the Chinese telecom giant Huawei. The president’s comm

U.S. stock index futures rose on Friday after President Donald Trump said the ongoing trade war could be over quickly, but equities were still on pace to close lower for the week. Dow Jones Industrial Average futures rose 168 points, indicating a gain of 145 points at the open. Trump told reporters on Thursday afternoon he expected the U.S.-China trade war to end swiftly. He also noted a trade deal with China could lift tough restrictions on the Chinese telecom giant Huawei. The president’s comm
Dow set to rebound more than 100 points after Trump predicts a quick resolution to trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: fred imbert silvia amaro, fred imbert, silvia amaro
Keywords: news, cnbc, companies, quick, dow, futures, trump, war, rebound, tech, investors, trade, sp, set, stock, china, week, uschina, predicts, points, resolution

Dow set to rebound more than 100 points after Trump predicts a quick resolution to trade war

U.S. stock index futures rose on Friday after President Donald Trump said the ongoing trade war could be over quickly, but equities were still on pace to close lower for the week.

Dow Jones Industrial Average futures rose 168 points, indicating a gain of 145 points at the open. S&P 500 and Nasdaq 100 futures also pointed to solid gains at the open.

Trump told reporters on Thursday afternoon he expected the U.S.-China trade war to end swiftly. He also noted a trade deal with China could lift tough restrictions on the Chinese telecom giant Huawei.

The president’s comments lifted market sentiment at a time when investors are growing more convinced that the trade war will take longer than expected to conclude. The Dow and S&P 500 came into Friday’s session down more than 1% each for the week while the Nasdaq had lost 2.4%.

Crude prices are down more than 6% this week as trade worries spilled over to other markets. Investors also loaded up on Treasurys this week. On Thursday, the 10-year Treasury note yield fell to its lowest level since October 2017.

Energy and tech were the worst-performing sectors for the week coming into Friday. The energy sector is down 3.6% through Thursday’s close while tech — the largest S&P 500 sector by market weight — had lost 2.8%.

Chipmakers led tech down this week as the VanEck Vectors Semiconductor ETF (SMH) dropped 5.1%. Qualcomm and Broadcom are the worst-performers in the ETF this week, dropping 16.3% and 10.3%, respectively.

Apple shares also contributed to the tech losses as several analysts raised concern over the company’s exposure to China. The stock is down nearly 5% this week.

“The growing worries around a US/China elongated trade battle and its implications on the tech space are heavily weighing on the minds of both investors and the companies themselves caught in the cross hairs,” Dan Ives, analyst at Wedbush Securities, wrote in a note to clients. “The ‘poster child’ for the US/China trade wars continue to be Apple with the stock under heavy pressure as many competitors are yelling fire in a crowded theater around the potential China impact to Cupertino if this situation worsens.

In terms of data, the calendar is thin with only durable goods numbers out at 8:30 a.m. ET.

Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: fred imbert silvia amaro, fred imbert, silvia amaro
Keywords: news, cnbc, companies, quick, dow, futures, trump, war, rebound, tech, investors, trade, sp, set, stock, china, week, uschina, predicts, points, resolution

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China’s ‘nuclear option’ in Trump’s trade war, explained

What to watch in the market in the week aheadTrade could be a big factor for markets in the week ahead, but investors will also be attuned to fresh inflation data and the bond market, which is flashing new worries about…Market Insiderread more

What to watch in the market in the week aheadTrade could be a big factor for markets in the week ahead, but investors will also be attuned to fresh inflation data and the bond market, which is flashing new worries about…Market Insiderread more
China’s ‘nuclear option’ in Trump’s trade war, explained Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: jeff morganteen
Keywords: news, cnbc, companies, nuclear, explained, worries, inflation, fresh, option, week, watch, insiderread, war, flashing, investors, market, trade, trumps, chinas, markets

China's 'nuclear option' in Trump's trade war, explained

What to watch in the market in the week ahead

Trade could be a big factor for markets in the week ahead, but investors will also be attuned to fresh inflation data and the bond market, which is flashing new worries about…

Market Insider

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Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: jeff morganteen
Keywords: news, cnbc, companies, nuclear, explained, worries, inflation, fresh, option, week, watch, insiderread, war, flashing, investors, market, trade, trumps, chinas, markets

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Read Tesla CEO Elon Musk’s email to employees where he says the company made an average of 900 Model 3s per day this week

Tesla shares rose 1.4% Thursday after CEO Elon Musk sent an e-mail to all employees saying the electric vehicle maker is close to reaching its target production numbers for the Model 3 this quarter. The e-mail’s optimistic tone helped Tesla shares turn positive for the first time in seven days. In an email to employees obtained by CNBC last week, Musk stressed the need for “hardcore” measures to cut spending. Citi analysts wrote Tuesday that Tesla’s shares could fall more than 80% to $36, citing

Tesla shares rose 1.4% Thursday after CEO Elon Musk sent an e-mail to all employees saying the electric vehicle maker is close to reaching its target production numbers for the Model 3 this quarter. The e-mail’s optimistic tone helped Tesla shares turn positive for the first time in seven days. In an email to employees obtained by CNBC last week, Musk stressed the need for “hardcore” measures to cut spending. Citi analysts wrote Tuesday that Tesla’s shares could fall more than 80% to $36, citing
Read Tesla CEO Elon Musk’s email to employees where he says the company made an average of 900 Model 3s per day this week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: lora kolodny lauren feiner, lora kolodny, lauren feiner
Keywords: news, cnbc, companies, elon, company, shares, quarter, production, musks, employees, read, musk, tesla, teslas, week, day, model, email

Read Tesla CEO Elon Musk's email to employees where he says the company made an average of 900 Model 3s per day this week

Tesla shares rose 1.4% Thursday after CEO Elon Musk sent an e-mail to all employees saying the electric vehicle maker is close to reaching its target production numbers for the Model 3 this quarter.

The e-mail’s optimistic tone helped Tesla shares turn positive for the first time in seven days. The company added nearly $500 million to its market cap, reaching around $34.6 billion, in early trading on Thursday.

Here’s what Musk wrote to employees:

Subj. Exciting Goal! Date: May 22, 2109 To: Everbody As of yesterday we had over 50,000 net new orders for this quarter. Based on current trends, we have a good chance of exceeding the record 90,700 deliveries of Q4 last year and making this the highest deliveries/sales quarter in Tesla history! In order to achieve this, we need sustained output of 1,000 Model 3’s per day. Almost all parts of the Model 3 production system have exceeded 1,000 units on multiple days (congratulations!) and we’ve averaged about 900/day this week, so we’re only about 10% away from 7,000/week. If we rally hard, we can do it! Thanks for your hard work

Analysts had been losing confidence in Tesla’s stock during the past week as the company entered cost-cutting mode. In an email to employees obtained by CNBC last week, Musk stressed the need for “hardcore” measures to cut spending.

Citi analysts wrote Tuesday that Tesla’s shares could fall more than 80% to $36, citing “lingering demand/FCF (free cash flow) concerns.” In a private call with Morgan Stanley clients Wednesday, Morgan Stanley research analyst Adam Jonas said he was skeptical about the company’s ability to grow, CNBC reported.

“Tesla is not really seen as a growth story,” Jonas said on the call, which CNBC heard in a recording. Today, “It seems like a distressed credit and restructuring story.”

Loup Ventures co-founder Gene Munster gave the stock its latest downward revision Thursday. Munster expected the company would miss its delivery expectations this year especially as trade tensions drag on between the U.S. and China. He lowered 2019 delivery estimates about 10% to just 310,000 vehicles compared to guidance between 360,000 and 400,000.

While Musk’s email to Tesla employees shed a light on production progress, logistics remains another challenge for the company in meeting its second-quarter delivery goals.

In the first quarter of 2019, Musk said the increase in overseas business stressed the company’s logistics operations. Half of Tesla’s global deliveries happened in the final 10 days of the first quarter.

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Watch: How Elon Musk’s tweets might be affecting the latest price targets for Tesla

Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: lora kolodny lauren feiner, lora kolodny, lauren feiner
Keywords: news, cnbc, companies, elon, company, shares, quarter, production, musks, employees, read, musk, tesla, teslas, week, day, model, email

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Tesla bounces after hitting 52-week lows — what 4 experts are watching now

Morgan Stanley’s worst-case scenario had Tesla shares dropping to $10, while Citi saw a 40% chance of the stock falling to $36. So, the automotive guys are about making money, so selling units is very important, but the profitability and the margins and the dollar margins [are] very, very important. If we see a go-slow from the automotive guys, the traditional automotive guys, continue to be the status quo, that would end up being positive for Tesla.” Any company that’s losing billions of dollar

Morgan Stanley’s worst-case scenario had Tesla shares dropping to $10, while Citi saw a 40% chance of the stock falling to $36. So, the automotive guys are about making money, so selling units is very important, but the profitability and the margins and the dollar margins [are] very, very important. If we see a go-slow from the automotive guys, the traditional automotive guys, continue to be the status quo, that would end up being positive for Tesla.” Any company that’s losing billions of dollar
Tesla bounces after hitting 52-week lows — what 4 experts are watching now Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: lizzy gurdus
Keywords: news, cnbc, companies, guys, analyst, hitting, stock, watching, lows, value, bounces, company, automotive, teslas, thats, tesla, 52week, experts, week

Tesla bounces after hitting 52-week lows — what 4 experts are watching now

This week has been a wild ride for Tesla shares.

The stock made new 52-week lows on Wednesday and again on Thursday following two bearish analyst notes from Morgan Stanley and Citigroup, adding to its year-to-date losses of over 40%. Morgan Stanley’s worst-case scenario had Tesla shares dropping to $10, while Citi saw a 40% chance of the stock falling to $36.

But the stock managed to bounce off its lows on Thursday, ending the day over 1% higher after CEO Elon Musk told employees the company made an average of 900 Model 3 cars per day this week. That brings Tesla closer to its stated goal of producing 7,000 cars per week.

Experts are split on what this means for the electric-auto maker. Here’s what four of them are watching now:

John Petrides, managing director and portfolio manager at independent advisory firm Point View Wealth Management, wasn’t thrilled about the company’s prospects:

“As a value manager, I don’t see value in the company yet. I mean, the valuations are still too high. You have a company burning through cash flow, they have balance sheet issues, you have a wildcard of a CEO, you have board members not seeking reelection. I mean, you finally have the shine … coming off the car. And that’s what you’re seeing happening in the stock right now, and it’s still unattractive for my taste.”

Roth Capital Partners’ Craig Irwin, a senior research analyst who covers Tesla for the firm, said the company still stacks up fairly well against its more staid competitors:

“Culturally, Tesla’s a very different company than the automotive guys that they compete with, right? So, the automotive guys are about making money, so selling units is very important, but the profitability and the margins and the dollar margins [are] very, very important. Tesla’s about growth and going after a massive new market. If we see a go-slow from the automotive guys, the traditional automotive guys, continue to be the status quo, that would end up being positive for Tesla.”

Gabe Hoffman, founder of hedge fund Accipiter Capital Management, didn’t share Irwin’s cautious optimism:

“I believe that, ultimately, Tesla will go to zero. Any company that’s losing billions of dollars and struggling under a mountain of over $10 billion in debt and over $3 billion of current accounts payable due on the desk, that’s a real problem.”

S&P Global Market Intelligence research analyst Erin Gibbs said it’s about time the negativity around Tesla is priced into the stock:

Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: lizzy gurdus
Keywords: news, cnbc, companies, guys, analyst, hitting, stock, watching, lows, value, bounces, company, automotive, teslas, thats, tesla, 52week, experts, week

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Oil plunges 5.7% to $57.91 as US-China trade war raises fuel demand worries

Brent crude futures sank $3.35, or 4.7%, to $67.64 per barrel around 2:20 p.m. U.S. West Texas Intermediate crude futures settled $3.51 lower at $57.91 per barrel, tumbling 5.7% to the lowest closing price since March 12. U.S. manufacturing activity grew at its slowest pace since September 2009 this month, according to IHS Markit. Economic forecasting firm Oxford Economics on Thursday warned that weak crude demand appears to be spreading from developed nations to developing economies. “We are cu

Brent crude futures sank $3.35, or 4.7%, to $67.64 per barrel around 2:20 p.m. U.S. West Texas Intermediate crude futures settled $3.51 lower at $57.91 per barrel, tumbling 5.7% to the lowest closing price since March 12. U.S. manufacturing activity grew at its slowest pace since September 2009 this month, according to IHS Markit. Economic forecasting firm Oxford Economics on Thursday warned that weak crude demand appears to be spreading from developed nations to developing economies. “We are cu
Oil plunges 5.7% to $57.91 as US-China trade war raises fuel demand worries Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: tom dichristopher
Keywords: news, cnbc, companies, activity, futures, crude, worst, fuel, war, 5791, raises, oil, worries, trade, manufacturing, uschina, week, demand, weak, plunges

Oil plunges 5.7% to $57.91 as US-China trade war raises fuel demand worries

A Petrobras oil platform floats in the Atlantic Ocean near Guanabara Bay in Rio de Janeiro.

Oil prices tumbled nearly 6% on Thursday, extending steep losses in the previous sessions, as the market braced for a prolonged U.S.-China trade war and digested disappointing manufacturing data. Some analysts also pointed to signs that Middle East tensions are moderating.

Brent crude futures sank $3.35, or 4.7%, to $67.64 per barrel around 2:20 p.m. ET (1820 GMT). The international benchmark for oil prices hit a nearly two-month low earlier in the session and is on pace for its worst week since December.

U.S. West Texas Intermediate crude futures settled $3.51 lower at $57.91 per barrel, tumbling 5.7% to the lowest closing price since March 12. WTI is on track to end the week 7.7% lower and post the worst weekly performance in five months.

“The $60 level is a critical support point,” said John Kilduff, founding partner at energy hedge fund Again Capital.

“After $60, really it’s right down around $58 or so. Theoretically, if this thing really becomes a washout, $52 is the downside objective,” he said, cautioning that the move would not happen overnight.

Crude futures fell with the stock market as the ongoing U.S.-China trade dispute entered a new phase. A wave of companies is suspending business with Huawei after the U.S. blacklisted the Chinese telecom giant.

Washington and Beijing are set to increase tariffs on hundreds of billions of dollars of one another’s goods, raising concerns about a global economic slowdown and weaker demand for oil.

U.S. manufacturing activity grew at its slowest pace since September 2009 this month, according to IHS Markit.

Meanwhile, data released overnight showed Japanese manufacturing activity fell into contraction in May. Manufacturing activity for the European Union and Germany also came in below expectations.

Economic forecasting firm Oxford Economics on Thursday warned that weak crude demand appears to be spreading from developed nations to developing economies.

“One particular surprise is that China was weak in March, with diesel demand acting as a significant drag,” Oxford said in a research note. “We are currently forecasting 4% oil demand growth for this year, but this assumes a significant acceleration in the remainder of 2019.”

Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: tom dichristopher
Keywords: news, cnbc, companies, activity, futures, crude, worst, fuel, war, 5791, raises, oil, worries, trade, manufacturing, uschina, week, demand, weak, plunges

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Stocks making the biggest moves after hours: L Brands, Avon and NetApp

Trump has lost his first two attempts to fight ‘all the… The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for… Politicsread more

Trump has lost his first two attempts to fight ‘all the… The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for… Politicsread more
Stocks making the biggest moves after hours: L Brands, Avon and NetApp Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: nadine el-bawab
Keywords: news, cnbc, companies, avon, setback, thethe, week, trump, losses, hours, success, moves, biggest, president, making, netapp, including, brands, stocks, nonetheless, lost

Stocks making the biggest moves after hours: L Brands, Avon and NetApp

Trump has lost his first two attempts to fight ‘all the…

The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for…

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Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: nadine el-bawab
Keywords: news, cnbc, companies, avon, setback, thethe, week, trump, losses, hours, success, moves, biggest, president, making, netapp, including, brands, stocks, nonetheless, lost

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Guggenheim names Anheuser-Busch a ‘best idea’ on its shift away from traditional brands

Trump has lost his first two attempts to fight ‘all the… The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for… Politicsread more

Trump has lost his first two attempts to fight ‘all the… The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for… Politicsread more
Guggenheim names Anheuser-Busch a ‘best idea’ on its shift away from traditional brands Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, idea, thethe, week, trump, losses, guggenheim, success, away, president, best, anheuserbusch, nonetheless, including, setback, brands, names, shift, lost, traditional

Guggenheim names Anheuser-Busch a 'best idea' on its shift away from traditional brands

Trump has lost his first two attempts to fight ‘all the…

The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for…

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Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, idea, thethe, week, trump, losses, guggenheim, success, away, president, best, anheuserbusch, nonetheless, including, setback, brands, names, shift, lost, traditional

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Huawei executive accused of stealing trade secrets from microchip company backed by Microsoft and Dell

Trump has lost his first two attempts to fight ‘all the… The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for… Politicsread more

Trump has lost his first two attempts to fight ‘all the… The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for… Politicsread more
Huawei executive accused of stealing trade secrets from microchip company backed by Microsoft and Dell Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: kate fazzini
Keywords: news, cnbc, companies, backed, microchip, trade, executive, week, trump, thethe, losses, huawei, microsoft, success, president, dell, including, company, setback, nonetheless, stealing, lost, secrets

Huawei executive accused of stealing trade secrets from microchip company backed by Microsoft and Dell

Trump has lost his first two attempts to fight ‘all the…

The president may have more success in the court fights to come, including appeals in the cases decided this week. But the two losses are nonetheless a dramatic setback for…

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Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: kate fazzini
Keywords: news, cnbc, companies, backed, microchip, trade, executive, week, trump, thethe, losses, huawei, microsoft, success, president, dell, including, company, setback, nonetheless, stealing, lost, secrets

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Dow set to drop 200 points at the open as trade tensions linger

Stock index futures traded lower Friday as trade tensions between the U.S. and China continue to dominate investor sentiment. ET, Dow Jones Industrial Average futures indicated a drop of 200 points at the open. The U.S. hiked tariffs on $200 billion worth of Chinese goods last week while China retaliated Monday with higher levies on $60 billion worth of U.S. products. Jeremy Corbyn, the Labour Party leader, told Prime Minister Theresa May that talks had “gone as far as they can go. ” ET, Federal

Stock index futures traded lower Friday as trade tensions between the U.S. and China continue to dominate investor sentiment. ET, Dow Jones Industrial Average futures indicated a drop of 200 points at the open. The U.S. hiked tariffs on $200 billion worth of Chinese goods last week while China retaliated Monday with higher levies on $60 billion worth of U.S. products. Jeremy Corbyn, the Labour Party leader, told Prime Minister Theresa May that talks had “gone as far as they can go. ” ET, Federal
Dow set to drop 200 points at the open as trade tensions linger Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: fred imbert spriha srivastava, fred imbert, spriha srivastava, arjun kharpal
Keywords: news, cnbc, companies, fed, trade, linger, york, worth, talks, points, open, fell, dow, futures, drop, 200, et, set, china, week, tensions

Dow set to drop 200 points at the open as trade tensions linger

Stock index futures traded lower Friday as trade tensions between the U.S. and China continue to dominate investor sentiment.

At 8:06 a.m. ET, Dow Jones Industrial Average futures indicated a drop of 200 points at the open. Futures for the S&P 500 and Nasdaq 100 also fell.

Chinese Commerce Ministry spokesman Gao Feng said Thursday, according to state-run news agency Xinhua, that the U.S. is exhibiting “bullying behavior” with its latest moves on the trade front, noting it is “regrettable that the U.S. side unilaterally escalated trade disputes, which resulted in severe negotiating setbacks.”

The U.S. hiked tariffs on $200 billion worth of Chinese goods last week while China retaliated Monday with higher levies on $60 billion worth of U.S. products. The moves led to a massive sell-off to start off the week. But the major indexes have clawed back most of their losses through Thursday’s close.

President Donald Trump’s administration then moved to make it harder for U.S. companies to do business with Huawei, a giant telecommunications company in China. Shares of U.S. suppliers like Qualcomm, Qorvo and Micron Technology fell 1.9%, 1.6% and 1.4%, respectively.

Chinese stocks fell sharply overnight. The Shanghai Composite dropped 2.5% and posted its longest weekly losing streak since July 2018.

Investors also fretted over a breakdown in Brexit talks. The U.K.’s two largest political parties failed to strike a deal on the country’s exit from the European Union after six weeks of talks. Jeremy Corbyn, the Labour Party leader, told Prime Minister Theresa May that talks had “gone as far as they can go. ” Sterling fell 0.4% to $1.2751.

Stocks posted solid gains on Thursday, largely driven by strong earnings from Walmart and Cisco Systems, as the major indexes notched their third consecutive gain.

On the data front Friday, consumer sentiment numbers are due at 10 a.m. ET. Meanwhile, Deere is set to report its earnings before the bell.

A number of Fed speeches are also scheduled for Friday. At 10 a.m. ET, Federal Reserve Vice Chair Richard Clarida will be speaking on the Fed’s review of its monetary policy strategy, followed by New York Fed President John Williams’ speech in New York at 11:15 a.m. ET, and Dallas Fed President Robert Kaplan’s speech at 1:10 p.m. ET.

Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: fred imbert spriha srivastava, fred imbert, spriha srivastava, arjun kharpal
Keywords: news, cnbc, companies, fed, trade, linger, york, worth, talks, points, open, fell, dow, futures, drop, 200, et, set, china, week, tensions

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US consumer sentiment surges to highest level in 15 years

Consumer sentiment rocketed to its highest level in 15 years in early May as Americans grew more upbeat on the health of the economy and its path in 2019, according to data released Friday. The University of Michigan’s preliminary print on its consumer sentiment index rose to 102.4, up from 97.2 in April and well ahead of economist expectations of 97.5. “To be sure, negative references to tariffs rose in the past week and are likely to rise further in late May and June.” Aggravated trade tension

Consumer sentiment rocketed to its highest level in 15 years in early May as Americans grew more upbeat on the health of the economy and its path in 2019, according to data released Friday. The University of Michigan’s preliminary print on its consumer sentiment index rose to 102.4, up from 97.2 in April and well ahead of economist expectations of 97.5. “To be sure, negative references to tariffs rose in the past week and are likely to rise further in late May and June.” Aggravated trade tension
US consumer sentiment surges to highest level in 15 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: thomas franck, fred imbert
Keywords: news, cnbc, companies, level, 15, rose, worth, consumer, highest, curtin, data, sentiment, week, spending, tariffs, surges, trade

US consumer sentiment surges to highest level in 15 years

Consumer sentiment rocketed to its highest level in 15 years in early May as Americans grew more upbeat on the health of the economy and its path in 2019, according to data released Friday.

The University of Michigan’s preliminary print on its consumer sentiment index rose to 102.4, up from 97.2 in April and well ahead of economist expectations of 97.5.

“Consumers viewed prospects for the overall economy much more favorably, with the economic outlook for the near and longer term reaching their highest levels since 2004,” said Richard Curtin, chief economist for the Surveys of Consumers. “To be sure, negative references to tariffs rose in the past week and are likely to rise further in late May and June.”

The optimistic consumer outlook was mostly recorded before U.S.-China trade deliberations soured earlier this month.

Last week, the Trump administration raised tariffs to 25% from 10% on $200 billion worth of Chinese goods in response to Beijing’s attempts to renegotiate a trade agreement between the world’s two largest economies. China then responded in kind, bumping taxes on $60 billion worth of U.S. goods in retaliation.

Aggravated trade tensions between the U.S. and China could dampen consumer sentiment going forward, Curtin said, and will likely weigh on subsequent reports in May and June.

“Even apart from the direct impact of tariffs on prices, rising tariffs could cause a more general loss of confidence which could further diminish the pace of consumer spending,” Curtin wrote. “At present, the data point toward moderate spending growth in the year ahead. Nonetheless, the data indicate the corrosive impact of an escalating trade war.”

Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: thomas franck, fred imbert
Keywords: news, cnbc, companies, level, 15, rose, worth, consumer, highest, curtin, data, sentiment, week, spending, tariffs, surges, trade

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