U.S. equities finished solidly higher, as stronger-than-expected Chinese exports helped to ease elevated trade fears, and some stabilization in global bond yields also aided sentiment. Treasury yields and crude oil prices were higher, and gold reversed course to add to its recent rally, while the U.S. dollar was little changed. In equity news, Kraft Heinz announced it is again delaying its quarterly filings, but Lyft posted upbeat quarterly results and Symantec is reportedly in talks to acquire Broadcom’s enterprise business in a deal that could be worth roughly $10.0 billion.

The Dow Jones Industrial Average (DJIA) rose 371 points (1.4%) to 26,379, the S&P 500 Index increased 54 points (1.9%) to 2,938 and the Nasdaq Composite jumped 176 points (2.2%) to 8,039. In heavy volume, 1.0 billion shares were traded on the NYSE and 2.4 billion shares changed hands on the Nasdaq. WTI crude oil climbed $1.45 to $52.54 per barrel and wholesale gasoline was up $0.03 at $1.65 per gallon. Elsewhere, the Bloomberg gold spot price advanced $2.04 to $1,503.20 per ounce, and the Dollar Index—a comparison of the U.S. dollar to six major world currencies—was nearly unchanged at 97.59.

Weekly initial jobless claims fell by 8,000 to 209,000, versus the Bloomberg estimate of 215,000, with the prior week’s figure being revised higher by 2,000 to 217,000. The four-week moving average ticked higher by 250 to 212,250, while continuing claims declined by 15,000 to 1,684,000, south of estimates of 1,690,000.

Wholesale inventories were revised to unchanged month-over-month in June, versus expectations to be unrevised at the preliminary estimate of a 0.2% gain, and south of May’s unrevised 0.4% rise. Sales declined 0.3%, versus the expected 0.2% increase, and following May’s downwardly-revised 0.6% drop.

Treasuries were lower, as the yields on the 2-year and 10-year notes moved 3 basis points (bps) higher to 1.61% and 1.72%, respectively, while the 30-year bond rate rose 4 bps to 2.23%. Bond yields have tumbled to multi-year lows and gold prices have rallied, while the U.S. dollar has trimmed a recent run and the stock markets have fallen. The global markets have been unnerved by the escalating trade tensions between the U.S. and China, as well as the Fed rate cut and elevated expectations that further reductions were likely this year.

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