Stocks wobbled as Commerce Sec. Wilbur Ross nails down the Huawei order, effective tomorrow

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  • Commerce Sec. Wilbur Ross speaking has said that the Huawei order will be effective starting tomorrow.
  • The DJIA wobbled, but bulls have stepped in again.

Commerce Sec. Wilbur Ross speaking has said that the Huawei order will be effective starting tomorrow, but investors are shrugging off trade war threats and other various geopolitical risks while preferring to buy into positive earnings from Cisco Systems (CSCO) and Walmart (WMT) and upbeat U.S. economic data:

  • US: Housing Starts rise in April, still below last year’s level – Wells Fargo;
  • US: Weekly initial jobless claims decreased to 212K from 228K.

The DJIA is up 1.09% or 278 points at the time of writing.

Commerce Sec. Wilbur Ross:

  • Huawei order will be effective starting tomorrow.
  • Action is not part of trade talks with China.
  • Huawei wasn’t discussed during US-China trade talks.

 

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