US Equity Handover Stocks Recover but Trade Talks Still Stalled

Headlines

US indices recovered after yesterday’s shellacking, gaining roughly 1% on the day.
Ten of the eleven major sectors rose on the day, led by technology stocks (XLK) with a nearly 2% gain. Utilities (XLU) were the laggard, shedding nearly 1%.
Uber rallied back toward 40.00 today, erasing roughly half of its loss from its IPO price, though traders remain highly skeptical on its prospects.

US policymakers were in damage control mode after yesterday’s big risk-off move. Treasury Secretary Mnuchin suggested that he could visit China “soon” to continue trade talks, while President Trump said that talks had not collapsed and described the disagreement as a “squabble.”

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