A first half for the record books | Trump-Xi cliffhanger

A first half for the record books | Trump-Xi cliffhanger | End of an era at Apple?

FRI, JUN 28, 2019

EVENING BRIEF

AS OF FRI, JUN 28, 2019 • 04:00 ET

DJIA		26587.11
		+0.23%	+60.53

S&P 500		2940.73
		+0.54%	+15.81

NASDAQ		8006.24
		+0.48%	+38.49

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DOW
NAME	LAST	CHG	%CHG
CSCO	54.63	-1.10	-1.97%
PFE	43.33	-0.10	-0.23%
AAPL	198.01	-1.73	-0.87%

S&P 500
NAME	LAST	CHG	%CHG
BAC	29.00	+0.79	+2.80%
MU	38.59	+0.52	+1.37%
AMD	30.37	-0.37	-1.20%

NASDAQ
NAME	LAST	CHG	%CHG
MU	38.59	+0.52	+1.37%
AMD	30.37	-0.37	-1.20%
CSCO	54.62	-1.11	-1.99%

EDITOR'S NOTE

Stocks just posted their best first half in more than 20 years. The direction of the second half could be determined in its first week.

Over the weekend is the big trade meeting between Presidents Trump and Xi at the G-20 summit. Wall Street's expectations are low, Michael Bloom reports. So a cease-fire in which the U.S. agrees to hold off on additional tariffs and restart talks but keep current tariffs could be enough to get a relief rally.

The names below will be the ones to watch on Monday, Yun Li reports. According to Goldman Sachs, these U.S. companies have the highest revenue exposure to China.

And then once the G-20 is over, traders will turn their sights to next Friday's jobs report. As Patti Domm notes, economists expect 158,000 jobs were created in June, up from a disappointing 75,000 in May.

Ironically, traders may want a number weaker than that, giving the Federal Reserve the greenlight to cut rates more aggressively (50 basis points?) at its meeting later next month.

The ideal scenario for Wall Street next week would be a trade truce, followed by a tepid jobs report that allows the Fed to step in, but one that doesn't indicate a deeper economic slowdown than just a soft patch.