Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Stocks pause on unsettled trade deal; earnings eyed

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/14/2019 | 04:34pm EST
Traders work on the floor at the NYSE in New York

NEW YORK (Reuters) - Wall Street edged lower on Monday as uncertainties following recent U.S.-China trade negotiations clouded sentiment and investors turned their focus on the third-quarter earnings season, which begins in earnest on Tuesday.

All three major U.S. stock averages closed in the red, snapping a three-day winning streak during which the benchmark S&P 500 gained 2.7%.

Hopes dimmed that recent trade negotiations between the United States and China would bear fruit, as China indicated further talks were needed and U.S. Treasury Secretary Steven Mnuchin said the next round of tariffs on Chinese imports are on track to go into effect on Dec. 15 if a deal has not been reached by then.

And while U.S. President Donald Trump hailed his phase 1 of the U.S.-China trade deal as "by far, the biggest deal ever made," no deal was committed to paper and most tariffs on Chinese imports remain in effect.

"There seems to be a softer commitment on the Chinese side than was indicated on Friday," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta.

That said, an uneventful day in the markets was to be expected, given the Columbus Day holiday.

"It's a lighter trading day as the bond market's closed," Sroka added. "It's the calm before the storm of earnings announcements starting on Tuesday."

Third-quarter reporting season hits the ground running on Tuesday, with major U.S. banks expected to report a 1.2% decline in earnings, their first year-on-year drop in three years, due in part to low interest rates and trade tensions.

JPMorgan Chase & Co, Goldman Sachs Group Inc, Citigroup Inc and Wells Fargo and Co are scheduled to post third-quarter results.

Other big names reporting on Tuesday include Johnson & Johnson and UnitedHealth Group.

Analysts expect S&P 500 earnings to have contracted in the third quarter by 3.2%, according to Refinitiv data, marking the first decrease since the earnings recession that ended in 2016.

That is down from the 12.1% gain seen a year ago and the 0.8% advance forecast last quarter.

The Dow Jones Industrial Average fell 29.23 points, or 0.11%, to 26,787.36, the S&P 500 lost 4.09 points, or 0.14%, to 2,966.18 and the Nasdaq Composite dropped 8.39 points, or 0.1%, to 8,048.65.

Of the 11 major sectors in the S&P 500, all but real estate <.SPLRCR> and financials <.SPSY> lost ground.

Harley-Davidson Inc said it halted production of its electric bikes after discovering a glitch in final quality checks, and the motorcycle maker's stock rose 0.3%.

Fastenal Co slid 2.5% after two brokerages downgraded the stock. The company had logged its best day in three decades on Friday after reporting strong results.

Nike Inc advanced 1.1% after Bank of America Merrill Lynch upgraded the sportswear maker's stock to "neutral" from "underperform.".

Construction and engineering company AECOM gained 6.3% after agreeing to sell its management services unit to private equity firms for about $2.4 billion.

Declining issues outnumbered advancing ones on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 1.57-to-1 ratio favored decliners.

The S&P 500 posted 2 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 24 new highs and 123 new lows.

Volume on U.S. exchanges was 4.73 billion shares, compared with the 6.86 billion average over the last 20 trading days.

(Reporting by Stephen Culp in New York; Editing by Matthew Lewis)

By Stephen Culp

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.33% 27783.59 Delayed Quote.18.71%
FASTENAL COMPANY -2.38% 36.02 Delayed Quote.41.14%
GOLDMAN SACHS GROUP INC. -0.49% 219.32 Delayed Quote.31.29%
JOHNSON & JOHNSON -0.06% 131.27 Delayed Quote.1.78%
NASDAQ 100 -0.05% 8259.81315 Delayed Quote.30.43%
NASDAQ COMP. -0.05% 8482.100697 Delayed Quote.27.73%
S&P 500 0.07% 3094.04 Delayed Quote.23.42%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
11:44pSOUTHEAST ASIA STOCKS : Most fall on weak China data, Sino-U.S. trade deal worries
RE
11:40pMITHRIL RESOURCES : 2019 AGM - Results Notification 14 November 2019
PU
11:36pAsian stocks retreat as China's growth slowdown deepens
RE
11:33pAsian stocks retreat as China's growth slowdown deepens
RE
11:30pDEPARTMENT OF AGRICULTURE OF REPUBLIC OF P : Cabinet execs urge public to trust Rice Tariffication Law
PU
11:25pADB ASIAN DEVELOPMENT BANK : to Support Philippine Local Governance Reforms with $300 Million Loan
PU
11:22pIcahn pushes for Xerox-HP merger - WSJ
RE
11:22pLatest Chinese Numbers Show Economy Dragging
DJ
11:17pWARREN LASHES OUT AT GOLDMAN OVER APPLE CARD BIAS CLAIMS : Bloomberg
RE
11:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
Latest news "Economy & Forex"