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Indexes trade near flat, pause as trade deal doubts resurface

Stock MarketsNov 08, 2019 03:42PM ET
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By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks were near unchanged on Friday after President Donald Trump said he has not agreed to a rollback of U.S. tariffs sought by China, fueling doubts about the progress of trade talks between the two countries.

Trump, in remarks to reporters at the White House, poured cold water on the idea of rolling back the tariffs, something that he said Beijing would like him to do. On Thursday, officials from both countries said that the United States and China had agreed to such a deal.

"Markets are getting tired" of the back-and-forth on the trade front, said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. "It's gone from the deal is close, to no, it's not, and we've been through this before."

Helping to boost the S&P 500, Walt Disney Co (N:DIS) gained 3.6% a day after it reported quarterly results that showed it spent less than it had projected on its online streaming service, Disney+. Disney's popular theme parks and a remake of "The Lion King" lifted earnings.

The Dow Jones Industrial Average (DJI) fell 27.19 points, or 0.1%, to 27,647.61, the S&P 500 (SPX) gained 2.53 points, or 0.08%, to 3,087.71, and the Nasdaq Composite (IXIC) added 27.06 points, or 0.32%, to 8,461.57.

Of the 446 S&P 500 companies that have reported results so far, roughly three-quarters have beaten profit estimates, according to IBES data from Refinitiv. The numbers, to some extent, reflect significantly lowered analysts' forecasts.

Also on Friday, shares of Gap Inc (N:GPS) fell 7% after the apparel retailer said Chief Executive Officer Art Peck would leave the company, a surprise exit in the middle of a restructuring. Gap also slashed its full-year earnings forecast.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.

The S&P 500 posted 23 new 52-week highs and two new lows; the Nasdaq Composite recorded 68 new highs and 80 new lows.

Indexes trade near flat, pause as trade deal doubts resurface
 

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Comments (9)
Max German
MaxiGE Nov 08, 2019 3:57PM ET
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insane us manipulation going up 5% on trade optimism goin gup when we have bad news bout trade melt up raging
Steven Chen
Gamer_LG Nov 08, 2019 2:50PM ET
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buy the dip!. trump is clearly losing the easy trade war, he is caving to the pressure and will sign anything to get equity to surge into 2020. instead of screaming China this or China that, he'll just be screaming stock market ath. how is those 401ks... lol
Mike Roland
Mike Roland Nov 08, 2019 2:27PM ET
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oh. there is a trade deal.. oh there is no trade deal. yes there is.. no there is not.. up, down.. people this is just to get you to invest in a market that is going to implode.. use your heads..
Andrew Hook
Andrew Hook Nov 08, 2019 2:27PM ET
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you right. 90% of traders expect a end of the rally. Trump is so proud of having market going higher. Now, imagine China saying to dony G2FY market will crash around Christmas .
TA XVCI
TA XVCI Nov 08, 2019 2:27PM ET
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I bet around Christmas as well. It’s going to be like last winter.
eddie glass
eddie glass Nov 08, 2019 2:26PM ET
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i'm going to stop clicking articles with "trade deal" in the title - you want my ad revenue money, come up with something original than attributing every tick to trade deal every day since 2016
Andrew Gatlin
JustaGuy Nov 08, 2019 2:06PM ET
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hmmmm.  I wonder what Monday's headline will be.
George Jetson
George Jetson Nov 08, 2019 1:15PM ET
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more shorts  = more fuel for the bulls. keep fear mongering.
Nikolas Stark
Nikolas Stark Nov 08, 2019 11:50AM ET
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Smart investor is selling at this level of overvalued stock market. The only pump is coming from Fed and Trade Deal hopium.
Aaron Last Name
Aaron Last Name Nov 08, 2019 11:49AM ET
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Warning are everywhere and today is no exception. We can't closed positive today and even the news admit this. This is a sucker rally at best
Mark Manley
Mark Manley Nov 08, 2019 8:50AM ET
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More fear mongering, burying the truth that this economy is strong and doesn't support a futures dip, you socialists won't stop until you tank this market
 
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