What's behind the "tranquility" that sees the VIX loitering below its 2019 average and finds SPX grinding higher on the way to a prospective seventh consecutive weekly gain?
Well, for one thing, Donald Trump hasn't said anything overtly crazy. Or, wait. That's not true. Let me rephrase. Donald Trump hasn't said anything to suggest that he's on the brink of imperiling the rally by totally deep-sixing the trade talks.
It's true the president has been coy about whether he will or won't support tariff rollbacks, but he's been careful (or what counts as "careful" for him) about characterizing the trade discussions as "moving along", "going very well", etc. Meanwhile, Larry Kudlow has struck and upbeat tone and the extension of the Huawei reprieve is seen as a nod to the desirability of keeping the peace, even as the White House attempts to navigate congressional demands for a harder line both on Chinese tech and Hong Kong.
Read more: White House Caught Between Several Rocks And One Very Hard Place Amid Huawei, Trade, Hong Kong Drama
At the same time, third quarter earnings were better than expected on balance. Although corporate profit growth did flatline, it didn't contract as much
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