Dow advance while tech undergo correction

The stock market mostly higher, but off from intraday high. Currently, Dow Jones Industrial Averages up 98.63 points (+0.40%), Nasdaq composite down 11.40 points (-0.15%), S&P 500 up 3.63 points (+0.13%). Banking is the leading sector which help Dow creep higher.

U.S-China trade wars

China previously offer to add import of $70 billion American goods over the year, a move directed to stop potential trade wars. U.S officials is analyzing and weighing if the option could narrow trade deficit between both countries. We might see some weight lifted this week if both parties come to agreement.

Trade tarriff issue

Treasury Secretary Steven Mnuchin urged president Trump to rule out Canada from metal tarriffs. Meanwhile, Mexico unveiled the plan to impose tarriff on U.S imported goods. The target is Bourbon and Apple which amount to $3 billion in value.

This week, G7 will hold meeting in Canada. Expect some heated discussion from other members aside from U.S toward the trade tarriffs.

Market Mover

Tesla Inc (NASDAQ: TSLA) is going gangbuster. The share prices rose more than 5% after CEO Elon Musk divulge to shareholders that the company “quite likely” to fulfill the weekly production target of 5,000 model 3.

Facebook (NASDAQ: FB) slipped after the social media company admited it had shared users data to at least 4 Chinese tech companies. Officials said the data shared could be exploited for state-spying.

Other markets

Gold climbed $1.40 (+0.11%) to $1,303.60, Crude oil down $0.97 (-1.48%) to $64.55.

Asian stock market closed mostly higher. Nikkei up 86.19 points (+0.38%) to 22,625.73, Shanghai Composite up 1.48 points (+0.05%) to 3,115.68, Australia ASX 200 up 30.20 points (+0.50%) to 6,025.10.

European stock market also closed higher. DAX Germany up 0.10%, FTSE UK up 0.19%, and Euro STOXX 600 down 0.18%.