Left Menu
Development News Edition

US STOCKS-Wall Street treads water as trade-fuelled rally pauses

US STOCKS-Wall Street treads water as trade-fuelled rally pauses
Image Credit: Pixabay

Wall Street halted a record run on Friday as U.S. President Donald Trump contradicted reports that the United States and China would roll back existing tariffs. The S&P 500 and Dow Jones indexes had closed at all-time highs on Thursday after officials said both countries had agreed to roll back tariffs on each others' goods in a "phase one" trade deal if it is completed.

But Trump said on Friday he had not agreed to roll back the tariffs, although Beijing would like him to do so. The news sent all three major U.S. stock indexes sharply lower, but they quickly recovered to trade near flat. "Investors somewhere knew that there was an existing issue regarding the rollback of these tariffs and with record highs being set, a little consolidation is to be expected," said Michael Geraghty, capital market strategist at Cornerstone Capital Group in New York.

Seven of the 11 major S&P 500 sectors were trading lower, with the energy sector shedding 1.51% as oil prices fell. Trade-sensitive technology stocks dropped 0.11%. Still, the S&P 500 is on track for its best year since 2013, while the Nasdaq and blue-chip Dow are eyeing yearly gains after dropping in 2018, partly propelled by a rosy third-quarter earnings season.

Of the 430 S&P 500 companies that have reported results so far, nearly three quarters have beaten profit estimates, according to IBES data from Refinitiv. Those numbers, to some extent, reflect significantly lowered analysts' forecasts. Walt Disney Co gained 3.96% as its popular theme parks and a remake of "The Lion King" lifted earnings, and the company also spent less than it had projected on its online streaming service, Disney+.

At 10:32 a.m. ET the Dow Jones Industrial Average was down 52.84 points, or 0.19%, at 27,621.96 and the S&P 500 was down 2.47 points, or 0.08%, at 3,082.71. The Nasdaq Composite was up just 5.28 points, or 0.06%, at 8,439.80. Among other stocks, Gap Inc tumbled 8.14% after it said Chief Executive Art Peck would leave the company, a surprise exit in the middle of a restructuring. The apparel retailer also slashed its full-year earnings forecast.

Activision Blizzard Inc fell 1.36% after the video game publisher forecast fourth-quarter adjusted revenue below estimates, as it faces stiff competition from online and free-to-play games. Energy drinks maker Monster Beverage was up 3.53% after posting a better-than-expected third-quarter profit and announcing a $500 million share buyback plan.

Declining issues outnumbered advancers for a 1.14-to-1 ratio on the NYSE and for a 1.01-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and two new lows, while the Nasdaq recorded 37 new highs and 59 new lows.

Also Read: US House approves procedure to impeach President Donald Trump

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



JNU Administration's 100-meter challenge before JNUSU

For the first time in its history, Jawaharlal Nehru University JNU Administration is seeking permanent deployment of local police to keep protesting students at 100 meters away from the Administrative Block. It would be interesting to see h...

Sentiment Analysis of Twitter users during COP25: Governments losing trust on Climate Action

Sentiment analysis of Twitter users during COP25 in Madrid, being held from December 2-13, shows widespread fear on climate change due to global warming but almost no trust on governments in meeting the emission targets. In the analysis the...

These innovators are making humanitarian response more efficient

These alarming trends prompt a call for the world to not only address the ongoing crisis but also to adopt innovative approaches to fulfill the growing humanitarian needs in such emergencies. ...

Hyderabad Encounter: A sentiment analysis of public mood on day of encounter

Sentiment analysis of twitter users revealed that they showered salutes on Hyderabad police for eliminating alleged gang rapists of the veterinary doctor but only a few believe in cops version of successive events leading to encounter....


Latest News

Heat beat Mavericks after Doncic injured

Jimmy Butler scored 27 points as the Miami Heat recorded a 122-118 overtime victory over the Dallas Mavericks on Saturday in a game that saw Luka Doncic sprain his right ankle early in the first quarter. After Jalen Brunsons 3-pointer gave ...

Golf-Deeper US talent pool proves decisive at Presidents Cup

A deeper pool of talent finally proved decisive for a Tiger Woods-led United States team that clinched a 16-14 victory at the Presidents Cup on Sunday after what had been a difficult week. As well as being up against a highly motivated and ...

You can't be honest about someone's work in industry, they don't take it well: Kareena

Kareena Kapoor Khan believes its impossible to be honest about someones work in the industry as they dont take it well but its important for stars to have people around who tell them the truth. The actor said she expects people who are clos...

Pakistan appoints Foreign Office spokesperson as its envoy to Germany

In a major diplomatic reshuffle, Pakistan has appointed 20 ambassadors and consul generals in its various missions abroad that also included Foreign Office spokesperson Mohammad Faisal who was named as the countrys new envoy to Germany. Acc...

Give Feedback