Dow jumps | China’s ‘calm’ trade approach | Mobile payments’ lag

Stocks rallied Thursday despite data showing tariff tensions are still weighing on the global economy.

VIEW IN BROWSER | SUBSCRIBE THU, AUG 29, 2019 EVENING BRIEF AS OF THU, AUG 29, 2019 • 04:02 ET DJIA 26361.98 +1.25% +325.88 S&P 500 2924.54 +1.27% +36.60 NASDAQ 7973.39 +1.48% +116.51   Most Active DOW NAME LAST CHG %CHG AAPL 209.01 +3.48 +1.69% MSFT 138.12 +2.56 +1.89% PFE 35.33 +0.25 +0.71% S&P 500 NAME LAST CHG %CHG GE 8.11 +0.17 +2.14% BAC 27.33 +0.48 +1.79% AMD 31.45 +0.67 +2.18% NASDAQ NAME LAST CHG %CHG AMD 31.45 +0.67 +2.18% AAPL 209.01 +3.48 +1.69% MSFT 138.12 +2.56 +1.89% EDITOR'S NOTE Stocks cheered China's seemingly softer stance on trade Thursday, as the country's Ministry of Commerce said it wanted to resolve the trade war with a "calm" attitude.    The rally came despite data showing tariff tensions are still weighing on the global economy. Worldwide trade continued to stumble in the second quarter of 2019. Global exports in major countries contracted by 1.9% and imports by 0.9% for the quarter. China saw a 5.3% slowdown — the lowest level since the end of 2017. In the U.S., exports dropped by 1.1%.     The U.S. economy also slowed a bit more than initially thought last quarter. GDP growth was revised down to 2% from 2.1% on Thursday, in line with economists' expectations. Strong consumer spending was offset by falling exports. Business sentiment has also taken a hit. Wall Street earnings growth estimates have come down drastically since the beginning of the year, when many investors were expecting a knockout year for the U.S. economy, CNBC's Maggie Fitzgerald writes.    At the start of 2019, analysts estimated S&P 500 profit growth for the year would be around 7.6%, according to FactSet. That number has slumped to 2.3%. The percentage point drop in estimates is the biggest decline in three years, since 2016 when estimates fell from 7.8% to 1.3%, FactSet data shows.    Matt Maley, Miller Tabak managing director and chief market strategist, points out that even if the U.S. economy avoids a recession, the economy is slowing and earnings growth is "grinding to a halt." As Maley said, "It's hard for the market to rally a whole lot from here."   Enjoying the CNBC Evening Brief newsletter? Tell us how we're doing and what we can do better by filling out this simple survey. Kate Rooney | CNBC Markets Reporter @Kr00ney TOP NEWS  Dow jumps after China hints it won't retaliate for now in trade war China says it's willing to resolve the trade war with a 'calm attitude,' hints it won't retaliate for now Trump says US and China resume trade talks Thursday 'at a different level' Mobile payments have barely caught on in the US, despite the rise of smartphones Treasury yields slide pauses after China says it's open to resolving trade war Tiffany beat profit expectations—and it conflicts with the idea that millennials aren't buying diamonds Senators ask Jeff Bezos to crack down on thousands of unsafe products on Amazon 'Grossly irresponsible' – Larry Summers blasts ex-Fed president's call to thwart Trump in 2020 Art Cashin says S&P 500 may need to drop as much as 2% to get the market back to 'an honest rally' Dick Bove: Banks could take 'the easy road' on loans and cause a recession     TOP VIDEO Columbia Sportswear CEO says the company will raise prices due to trade war   SPECIAL REPORTS Traders make bullish short-term bets on 2019's worst-performing sector Market won't bottom until stocks fall at least another 5%, top Wells Fargo strategist says   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2019 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS