The trade negotiations between the U.S. and China have finished for the day with Treasury Secretary Mnuchin saying they were 'constructive'. That likely means that they will continue to talk but they're unlikely to be any agreement soon. The Chinese are likely to implement their responses to increased U.S. tariffs over the weekend which may create additional selling pressure on Monday even though they will be well anticipated.
The Uber (UBER) IPO was unable to open above its $45 pricing and is now looking like a failure that is going to be quite costly for its underwriters. If the stock can regain the $45 price it will stem some of the damage but that is now an area of massive overhead.
The good news is that the overhang caused by this giant IPO is now mostly out of the way and capital can now reallocate to where it will be treated best. The IPOs are going to be interested to view it in hindsight. It is a classic sign of a market top and we'll know in a few months to what degree that was the case this time.
With UBER finally priced we are seeing some bounce in the indices now but breadth is still running about 2 gainers to every 5 advancers. We will see later in the day how much of an appetite there is for holding over the weekend with the trade issue likely to impact the open on Monday.
I expect some positive comments on trade from Mnuchin later today, but I don't think it'll hold stocks up for long. Buyers seem to be anticipating positive news as I write and the indices are well off early lows.
I've done little today but did add to a position in Zscaler (ZS) which has a nice looking chart.