How major U.S. stock indexes fared Thursday

How major U.S. stock indexes fared Thursday

"We know that the (tariffs) are not going to hurt because orders for Christmas goods have already been delivered", said Gregori Volokhine, president of Meeschaert Financial Services.

TRADE TENSION: The latest US tariff hike on Chinese goods in a dispute over Beijing's technology policy takes effect Monday, when Washington imposes an additional 10 percent tax on $200 billion of imports. A weaker dollar supports United States exports.

Canada releases data on consumer prices and retail sales.

Trump warned of further retaliation against China and accused Beijing of seeking to influence the midterms this fall by targeting USA farmers and industrial workers with high tariffs. "Today is a continuation of the risk-on theme we've seen in the last couple days".

A full-blown US-China trade war is expected to dent global economic growth, though market participants choose to rather focus on signs of improving US economic fundamentals and strong growth in corporate earnings. Ahead of the Fed meeting next week some other central banks topped the agenda on Thursday, with Norway's policy makers raising interest rates for the first time in seven years as the SNB kept deposit rates unchanged. Norway's krone retreated as investors saw the central bank's rate trajectory as dovish, while the Swiss franc strengthened.

With the Federal Reserve having clearly signaled its policy - gradual rate increases, including two more this year - and the US economy gaining strength, the market has recently taken the trade tremors in stride and pushed the Dow and S&P 500 to new highs.

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Amazon's latest devices put Alexa anywhere and everywhere
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The Organization of Petroleum Exporting Countries and its allies meet in Algiers this weekend. The Nasdaq Composite also hit a new record of 8030.04.

The stunning economic data may spell disaster for Democrats hoping to retake Congress this fall, with House Minority Leader Nancy Pelosi vowing to repeal the "GOP Tax Scam" should her party win big during the midterm elections. Silver gained 0.2 percent to $14.31 an ounce. The Kospi in South Korea added 0.7 percent. The Nasdaq Composite gained 13.46 points, or 0.17 percent, to 8,041.69 at the opening bell.

The British pound rose 1 percent to $1.3271.

The benchmark 10-year U.S. Treasury yield moved back above the symbolic 3 percent mark on Tuesday and hit its highest in four months on Wednesday, while two-year rates reached 2.8 percent, the highest in over a decade.

The tech-heavy Nasdaq closed around 40 points lower with gains in American Airlines Group Inc offset by losses in Micron Technology Inc.

Nike Inc rose 1.1 percent after an analysis of the company's online sales data by Thomson Reuters Proprietary Research revealed it had sold out of 61 percent more merchandise since the appearance the ad campaign featuring National Football League player Colin Kaepernick.

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