investingLive Americas news wrap: SEC to propose rule to end quarterly reporting

• SEC to propose rule change to end quarterly earnings reports
• Canada July retail sales -0.8% vs versus 1.5% expected
• Fed’s Kashkari: Becoming more confidence that tariff impact on inflation will be temporary
• Fed’s Daly: Rate cut was to try to support the labor market
• Fed’s Miran: Falling home prices will drive disinflation
• Baker Hughes US oil rig count +2
• New York Fed GDP Nowcast edges higher to 2.1%
• Trump: We made progress with China on several important issues
• Xi: Talks with Trump were positive and constructive
• Former Fed’s President Bullard: All people on list for Fed Chair are good

Markets:

• Gold up $39 to $3683
• US 10-year yields up 2.3 bps to 4.12%
• WTI crude oil down 84-cents to $62.73
• S&P 500 up 31 points to record 6664
• CAD leads, GBP lags

There wasn’t much for the market to digest in terms of newsflow but there were some better hints on trade as Trump sounded upbeat after the call with Xi and Canada’s trade official indicated that he would soon head to the US. The latter and the rally in gold helped to make the loonie the top performer on the day.

The fallout from the Bank of Japan decision was minimal as the yen rally faded despite the market pricing in a 50/50 chance of an October rate hike. USD/JPY is on track to finish the day flat.

Equities were flat midway through trading but the dip buyers really stepped up later and that resulted in strong bids and fresh records. The S&P 500 is now up 10x from the financial crisis low and is showing scant signs of weakness. Today’s leaders included:

• ORCL +4.3%
• AMGN +3.3%
• AAPL +3.1%
• FDX +2.3% (following earnings)

Intel was a laggard giving back 3% after yesterday’s enormous rally.

Have a great weekend.

This article was written by Adam Button at investinglive.com.