Stocks opened a little on the lower end after coming fresh off the first loss in six weeks. The investors move ahead after a round of solid corporate earnings. The Asian stock market rose on Tuesday after the summit meeting of China’s Xi Jinping and US President Joe Biden. Both the nation leaders agreed that the friendly competition shouldn’t turn into conflict. European markets were higher and Asian markets closed mostly higher. Several big retailers will report their latest quarterly results this week, including Home Depot and Walmart on Tuesday and Target on Wednesday.
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Both sides attested to the fact that they need to work on improving their communication. Both the leaders met in the middle of the tension in technology, human rights, trade, Hong Kong, and Taiwan. The benchmark set by the Wall Street S&P 500 index lost less than 0.1% as the household sector rose and the health care stocks fell. The Shanghai Index rose by 0.3% to 3544.47 whereas the Wall Street S&P 500 fell to 4682.80. “So far, the relations between Washington and Beijing are still sitting at their lowest level, and traders are hoping that this meeting will give them a reason to feel a little more comfortable when it comes to geopolitics,” Naeem Aslam of Avatrade said in a commentary. Investors are seen changing their focus from profits to economic issues which include inflation and supply chain issues. Investors are carefully watching any signs of rising inflation which is harming the business and making the products more expensive. Analysts worry this may make the investors pull out of their investments whereas the consumers have the news in stride.
