Kudlow: US economy will come back ‘roaring’
National Economic Council Director Larry Kudlow discusses coronavirus economic and employment recovery, U.S.-China relations and the Trump administration’s efforts to rebuild the economy, and also responds to economist Paul Romer calling him a liar.
U.S. equity futures are trading mixed ahead of the Wednesday session on Wall Street.
The major futures indexes are suggesting a decline on the Dow, while the Nasdaq is showing a gain.
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Asian shares were mostly lower Wednesday after a lackluster session on Wall Street following talks between the United States and China on the status of a deal meant to work as truce in their trade war.
Japan’s benchmark Nikkei dipped nearly 0.1%, Hong Kong’s Hang Seng gained nearly 0.1% and China’s Shanghai Composite fell 1.3%.
In Europe, London’s FTSE was down 0.2%, Germany’s DAX added 0.5% and France’s CAC gained 0.2%.
Stocks were mixed on Wall Street Tuesday, but gains were strong enough for tech companies and other pockets of the market to carry the S&P 500 to its fourth straight gain and another record high.
|I:DJI||DOW JONES AVERAGES||28248.44||-60.02||-0.21%|
|I:COMP||NASDAQ COMPOSITE INDEX||11466.471989||+86.75||+0.76%|
The benchmark index rose 0.4% to 3,443.62, the Dow Jones Industrial Average fell 0.2%,to 28,248.44, and the Nasdaq composite rose 0.8% to 11,466.47.
A report showed consumer confidence unexpectedly dropped this month, contrary to economists’ forecast for an improvement. But another report said sales of new homes accelerated faster than economists expected last month.
Ahead of the opening bell, investors will get the latest durable goods report for July. The Census Bureau is expected to say that new orders for manufactured big-ticket items rose 4.3% last month, down from June’s 7.6% jump. If you factor out the transportation component orders are anticipated to rise 2% according to economists surveyed by Refinitiv, a little more than half the June increase.
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On the trade front, the U.S. Trade Representative said that “both sides see progress” following talks between the world’s two largest economies. China’s Ministry of Commerce said the two sides discussed strengthening coordination of their economic policies, though it gave no details.
Market players are also watching for the Fed’s chair Jerome Powell’s highly anticipated speech later this week, where investors expect to hear him talk about next steps for monetary policy. The central bank has slashed short-term rates to nearly zero and is buying all kinds of bonds, which helps drive some investors into the stock market and push up its prices.
Shares of Exxon Mobil, Pfizer and Raytheon Technologies all slipped in their first trading after an announcement that they’ll drop out of the Dow Jones Industrial Average before trading opens Monday. Exxon has been the longest-running member of the blue-chip stock measure. It was first added in 1928 when it was still named Standard Oil of New Jersey.
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Benchmark U.S. crude was lower by 14 cents to $43.21 a barrel in electronic trading on the New York Mercantile Exchange. It rose 73 cents to $43.35 per barrel Tuesday. Brent crude, the international standard, slipped 8 cents to $45.78 a barrel.
The Associated Press contributed to this article.