The S&P 500 Index ($SPX) (SPY) today is down -0.25%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.13%. June E-mini S&P futures (ESM25) are down -0.23%, and June E-mini Nasdaq futures (NQM25) are down -0.11%.
Stock indexes today gave up early gains and turned lower on concerns about the US labor market after weekly jobless claims unexpectedly rose to a 7-3/4 month high. Stocks initially moved higher on hopes that trade tensions will ease between the US and China after China’s state media Xinhua News Agency reported that US President Trump and Chinese President Xi Jinping spoke by telephone today. Stocks also garnered support from today’s economic news that showed the US trade deficit in April shrank to a 20-month low, a positive factor for Q2 GDP.
