Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
For all the volatile moves seen in the stock market recently, there has been one constant: The S&P 500 cannot stay above 2,930.
The magic number has garnered the attention of traders with the S&P 500 closing above it just four times in 24 trading sessions since Aug. 1 with numerous intraday moves above and below the level. Wednesday's session marked the first time since Aug. 8 that the broad index breached 2,930 on a closing basis.
Wall Street's inability to sustain a move above 2,930 comes as China and the U.S.' inability to reach a deal that will end the trade war rattles investor sentiment. Experts think a sustained move above that level will require some sort of resolution to the U.S.-China trade conflict.
"We need a significant catalyst to break above this 2,930 level," said Jeff Kilburg, CEO at KKM Financial. "I think it's going to be along the lines of a true trade resolution. We just don't have that yet. Short of that, we're going to have a tough breaking out to the upside."
Trade tensions between China and the U.S. escalated last month. China unveiled new tariffs on a slew of U.S. imports which took effect over the weekend. The U.S. retaliated by hiking tariffs on billions of dollars worth of Chinese goods.
Tensions between the world's largest economies eased Wednesday night, however, after U.S. and Chinese officials agreed to meet in Washington next month. The news sent global equities rallying. However, stock investors could be setting themselves up for disappointment.
"Ever since early August, investors are being whipped around by a series of contradictory tweets, headlines, and 'reports,'" strategists at Bespoke Investment Group wrote in a note Wednesday. "One day the trade war with China is at the point of no return. The next day the two sides are talking."
This back-and-forth has led to a slew of volatile moves in stocks. Over the past 24 trading sessions through Wednesday's close, the S&P 500 has posted 12 moves of at least 1%.
"With all the ups and downs, the S&P 500 finds itself trading at a level right around 2,930," according to Bespoke.