The major averages rebounded off the lows as the Dow Jones turned a 300 point decline into a 200 point gain following better than expected earnings as investors shrug off trade worries between China and the US. The Dow was rose 202 points thanks to Caterpillar, Walmart, Honeywell, 3M and American Express. The S&P 500 fell 10 points while the Nasdaq Composite remained stuck in the red down 172 points, but off the lows.

Earnings season is upon us once again with the financials in focus. Wells Fargo rose 6% on earnings and better profit guidance. Goldman and JP Morgan were two of the few banks lower today following better than expected earnings.

Other companies reporting earnings included J&J, Albertsons, Blackrock, Domino’s Pizza, Ericsson and FB Financial.  

Tech stocks remain in the red and under pressure led by Nvidia. All the big cap techs were quiet or in the red.

Treasury yields were lower with the 10 year below 4% as investors flocked to safe haven ahead of any U.S.-China trade tensions. The 10-year Treasury yield fell 3 basis points to 4.02%. The 2-year Treasury yield fell 5 basis points to 3.47%. The longer maturity 30-year Treasury bond yield fell a basis point to 4.62%.

In the commodity space, gold was modestly higher. Oil was down a percent while crypto currencies were down over 2%.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it’s usage.