- The Dow Jones posted a minor decline on Tuesday to edge below its record high.
- President Trump’s economic speech provided no fresh trade war insights for a nervy mass of stock market bulls.
- Investors will now look ahead to Jerome Powell’s testimony before Congress tomorrow.
The Dow Jones crept sideways on Tuesday as a hotly anticipated economic speech by President Donald Trump in New York failed to provide any real insights into the trade outlook.
Keeping the stock market afloat was the fact that Trump continues to lead Dow bulls with the carrot that a trade deal with China could happen soon.
Dow Jones Struggles as Traders Run Out of Fuel
Of the three major stock market indices, the Dow Jones Industrial Average was the worst performer. Minutes before the closing bell, the Dow had declined 32.24 points or 0.12% to 27,659.25.
The Dow Jones dropped after Donald Trump provided zero new insight into the state of the US-China trade talks. | Source: Yahoo Finance
The S&P 500 ticked up 0.03%, while the Nasdaq traded 0.9% higher.
In keeping with the recent trend, the price of gold dipped further beneath $1,500 before stabilizing, and crude oil gave up earlier gains to decline 0.11%.
Dissecting Trump’s Economic Club Speech
While Trump’s economic speech was a high-tier risk event for markets, it was clear that there was nothing new to learn.
The Dow Jones has generally enjoyed positive developments in the US-China trade war, but the president appeared to be still suggesting that tariffs were set to move higher rather than recede.