US stocks held steady after the historical Trump-Kim Summit. President Donald Trump and North Korea leader Kim Jong Un signed an agreement aimed at establishing a “peace regime” on the Korean peninsula. Lack of detail in the agreement kept the markets in check, however. Investors are also awaiting the announcement tomorrow after the Federal Reserve’s two-day policy meeting, in which the Feds are expected to announce a .25% increase in interest rates. Finally, closely watched consumer pricing data, often viewed as inflation, saw an increase of 2.8% over the last 12 months, the biggest advance since February 2012. At the end of the day, the major averages moved quite mildly for the day, closing mixed:
DOW -1 at 25320
SP500 +4 at 2786
NASDAQ +43 at 7703
10 Year Treasury closed flat to yield 2.95%
Oil prices closed +.18 at 66.28 a barrel
Gold prices closed +1.60 at 1304.30 an ounce
In the days’ stock news:
- AT&T shares rose ahead of a US District Court decision on whether to permit its $85 billion deal for Time Warner. T closed the day +.17 at 34.35.
- The Nasdaq continued its climb higher thanks to gains in Facebook, Apple, Amazon Netflix and Google-parent Alphabet.
- Tesla will cut approximately 9% of its 46,000 person workforce in an effort to reorganize the company. TSLA closed +10.67 at 342.77.