Stock market news today July 27

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Trump’s trade battle has entered a ‘phoney war phase’ —
here’s how to cut through the noise and make some money

Wednesday’s summit between President Donald Trump and European
Commission head Jean-Claude Juncker gave investors, analysts, and

politicians hope that the trade war may not
escalate further , and could even start to
moderate going forward.

That, however, is by no means a certainty, and things could well
escalate once again given the noted
volatility of Trump’s personality.

Uncertainty may remain, but according to a group of strategists
at UBS, there’s money to be made until everything gets figured
out. The team — comprising of Niall MacLeod, Matthew Gilman, and
Jiamin Shen — argues that we’re in what can be called a “phoney
war phase” — where everyone is sizing each other up, but no real
action has been taken yet.

US economy grows 4.1%, the fastest pace since
2014

The US economy grew in the second quarter at the fastest pace
since 2014,
according to a preliminary report released by the Commerce
Department on Friday.

Gross domestic product (GDP), the total value of all goods and
services produced domestically, rose at an annualized pace of
4.1%. Economists had forecast 4.2% growth.

A rebound in consumer spending from the first quarter served the
biggest contribution to growth. Personal consumption increased by
4% in the first full quarter after President Donald Trump signed
tax cuts into law. Business investment and government spending
also increased.

Exports surged as expected. The Commerce Department had said
earlier this month that soybean exports
surged , as buyers stockpiled ahead of China’s
forthcoming 25% tariff on the US.

Bitcoin slides below $8,000 after the SEC rejects the
Winklevoss twins’ bitcoin fund

Bitcoin continued
to slide Friday morning after the Securities and Exchange
Commission
for a second time rejected a proposal by Cameron and Tyler
Winklevoss to list an exchange-traded fund tied to the
cryptocurrency.

At 8:56 a.m. ET, the red-hot coin was trading down 1.35% at
$7,840. It has shed hundred of dollars since news broke Thursday
night that the SEC had once again said it didn’t think the fund
was ready for its debut. The agency originally rejected the fund
in March 2017.

This time regulators said the underlying bitcoin market, on which
the fund would be based, is
too susceptible to manipulation, noting :
“BZX has not demonstrated that the structure of the spot market
for bitcoin is uniquely resistant to manipulation.”

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