New trade fears, earnings ahead


Dow Jones Industrial Average falls 29 points

The Dow fell 29.23 points, or 0.11% to close at 26,787.36. The S&P 500 slipped 0.14% to 2,966.15. The Nasdaq Composite pulled back 0.10% to 8,048.65. The indexes traded in a tight range throughout the session as investors looked ahead to the start of the earnings season while grappling with new worries over trade.

Trade deal or no deal?

A source told CNBC that China wants to have additional talks with the U.S. before signing the first phase of a potential trade deal with the U.S. Bloomberg News first reported the news. This tempered the market’s enthusiasm after President Donald Trump said Friday that both sides had reached a “very substantial phase one deal.” Adding to the trade-related concerns was Treasury Secretary Steven Mnuchin saying the deal was still “subject to documentation.” He also said a December tariff hike on Chinese products would go through if a deal is not reached.

HPE gets boost from upgrade

Shares of Hewlett Packard Enterprise rose more than 4% after an analyst at Evercore ISI upgraded them to in line from underperform, citing an attractive valuation and good cash flow, among other positive catalysts.

What happens next?

Wall Street will turn its attention to bank earnings on Tuesday. Goldman Sachs, Citigroup, J.P. Morgan Chase and Wells Fargo are all scheduled to release their third-quarter numbers. Read more here.

Subscribe to CNBC on YouTube.



Source link




Leave a Reply

Your email address will not be published. Required fields are marked *