Well this was one of the crazier 24 hours in quite some time, more so for what happened last night than today. Futures opened up about 100 points last night, and slowly inched higher for the first couple hours into the evening. Around 6:30pm pacific/9:30pm eastern, my devices starting blowing up that futures had collapsed 400 points (so a net swing of over 500 points) after “White House advisor, Pete Navarro, announced that the phase one China trade deal was over.”
Well, it turns out, not for the first time, Navarro was speaking hyperbolically. Within 30 minutes futures came roaring back to even. President Trump took to the airwaves to say that the trade deal is “fully intact.” I decided to watch the replay of Navarro’s Fox interview, and it was rather obvious that it was a long-winded question and the answer was disconnected from that portion of the question. Regardless, by 3:30am this morning futures were up 300 points.