Markets inch to record highs on trade deal hopes
Traders nudged the Nasdaq and Dow into new record territory Tuesday, with the S&P falling one point short of making a new all-time high. In Toronto, the TSX made a new record of 16,909 points. Investors are still trading on hopes that the U.S. and China will sign phase one of a trade agreement.
On Tuesday, Trump announced that a deal “could” happen soon, but investors have heard that before. Trump also threatened to raise tariffs if a deal is not signed. Also reaching new highs were stocks like Microsoft, which closed at $147.07, up nearly 42% for the year. The tech giant announced it was deepening its partnership with Adobe in cloud computing, which helped lift Adobe by 0.5%, and that Suncor was making Microsoft its cloud provider in a multi-year deal. All in all, not a bad day for Microsoft.
Speaking of getting high, Tilray and Cronos released earnings reports. Tilray beat expectations in cannabis sales. About a third of revenues came Manitoba Harvest, a summertime acquisition. But Tilray reported no profits yet. It closed down 1.6%. Cronos’ performance was also mixed with disappointing revenues. Finally, Disney+ started streaming today with some outages and a 1.35% stock rise.