Stocks slightly lower on trade worries
|Stocks kicked the week off with a small loss on new concerns over trade.
Last week, President Trump announced a partial trade deal with China that was “very substantial.”
But over the weekend there were reports that China wants additional talks before signing the deal.
On CNBC, Treasury Secretary Steven Mnuchin said that although there was substantial progress last week, the partial agreement is still “subject to documentation” and that tariffs set for December will go into effect if a deal has not been finalized by then.
The S&P edged lower after the open, then traded in a narrow range for the rest of the day.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% loss. Down 4 points, the S&P ended at 2,966.
- The DOW ended lower by 0.1%. Dropping 29 points, the DOW closed at 26,787.
- The NASDAQ was down 0.1%. With an 8 point loss, the NASDAQ finished at 8,049.
Crude Oil (CL) snapped a 3-day winning streak and ended lower. With a 2.2% loss, CL ended at $53.51 a barrel.
Tomorrow we’ll get a big dose of Q3 earnings, with Citigroup (C), Goldman Sachs (GS), JP Morgan Chase (JPM) and Wells Fargo (WFC) reporting.
According to FactSet, S&P 500 stocks are expecting a year-over-year decline of more than 4.0%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.