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%.
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