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Wall Street slips on trade worries, Hong Kong unrest

Stock Markets Nov 13, 2019 10:19AM ET
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By Arjun Panchadar

(Reuters) - Wall Street edged lower on Wednesday as President Donald Trump's threat to "substantially" raise tariffs if China did not make a trade deal with the United States as well as escalating tensions in Hong Kong kept investors away from riskier assets.

Trump on Tuesday dangled the prospect of completing an initial deal with China "soon," but offered no new details on negotiations and largely repeated well-worn rhetoric about China's "cheating" on trade.

Technology stocks had lifted the benchmark S&P 500 (SPX) and Nasdaq (IXIC) to all-time highs in the run up to Trump's speech on Tuesday, but the indexes pulled back slightly after his address at the Economic Club of New York.

"Now is more the realization that 'phase one' is really not a done deal," said Art Hogan, chief market strategist at National Securities in New York.

"It felt for a couple weeks that the deal was almost done and then you have these comments that sort of puts us in the same place we were."

Eight of the 11 major S&P 500 sectors were lower. The financial sector (SPSY) fell 0.65%, tracking a drop in benchmark 10-year U.S. Treasury yields and weighing the most.

The trade-sensitive industrial sector (SPLRCI) was also among the biggest drags, while the Philadelphia Semiconductor index fell 0.87%.

Heightened tensions in Hong Kong also dulled sentiment after police warned violence related to anti-government protests had reached a deadly level and that the Asian financial hub had been pushed to the "brink of a total breakdown".

Wall Street's main indexes have touched new highs this month on the back of a strong corporate earnings season and hopes of a trade deal to end the damaging 16-month tariff war.

U.S. central bankers see a "sustained expansion" ahead for the country's economy, with the full impact of recent interest rate cuts still to be felt, Federal Reserve Chair Jerome Powell said in his prepared remarks for testimony that is scheduled to begin at 11 a.m. ET (1600 GMT).

On the economic front, data showed U.S. consumer prices rebounded more than expected in October and underlying inflation picked up.

At 10:03 a.m. ET the Dow Jones Industrial Average (DJI) was down 16.71 points, or 0.06%, at 27,674.78, the S&P 500 (SPX) was down 4.11 points, or 0.13%, at 3,087.73 and the Nasdaq Composite (IXIC) was down 16.84 points, or 0.20%, at 8,469.26.

Shares of Alibaba Group Holding Ltd (N:BABA) slipped 1.2% as the Chinese e-commerce giant revealed plans to launch a Hong Kong share sale to raise up to $13.4 billion.

SmileDirectClub Inc (O:SDC) slumped 19% as the teeth alignment company posted a bigger quarterly loss and pointed toward more losses for the year.

Tech Data Corp (O:TECD) gained 4% after announcing private equity Apollo Global Management (N:APO) would buy the U.S. company in a deal valued at $5.4 billion.

China's Luckin Coffee Inc (O:LK) rose 13.2% as the Starbucks Corp (O:SBUX) rival reported a smaller-than-expected loss and forecast fourth-quarter revenue above estimates.

Declining issues outnumbered advancers for a 1.67-to-1 ratio on the NYSE and a 1.89-to-1 ratio on the Nasdaq.

The S&P index recorded eight new 52-week highs and one new lows, while the Nasdaq recorded 34 new highs and 55 new lows.

Wall Street slips on trade worries, Hong Kong unrest
 

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Comments (9)
Stefon Walters
AgapeGrace Nov 13, 2019 6:02PM ET
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Market up = trade hopes. Market down = trade worries. Market fluctuate = trade confusion. Market flat = trade uncertainty. Smh. :/
Aaron Last Name
Aaron Last Name Nov 13, 2019 1:00PM ET
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The trade deal is a nothing burger and only will effect a measly 5% gdp which amounts to nothing for the majority of us
joe balone
joe balone Nov 13, 2019 1:00PM ET
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wow , please share your ideas to fix this issue.
Peter Dikeakos
Peter Dikeakos Nov 13, 2019 12:53PM ET
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Thanks to money
holy piger
holy piger Nov 13, 2019 12:47PM ET
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funny topic, changing in every second.
Luu Hung
Luu Hung Nov 13, 2019 12:44PM ET
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Slip what lol
Walter White
Walter White Nov 13, 2019 11:45AM ET
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Not really slipped lol
Bo TR
Bo TR Nov 13, 2019 11:42AM ET
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he's a win-lose person. not good for diplomacy.
Chris Sundo
Chris Sundo Nov 13, 2019 9:44AM ET
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The Americans would do better to learn from the HongKongers and climb the barricades on health care costs. Trumpet simply needs to implement a transfer from making pay the financially strapped citizens over to the financially leveraged corporations. --- But it needs Americans climbing the barricades Hong Kong style
Delonte Crosby
Delonte Crosby Nov 13, 2019 9:44AM ET
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He is only making the market worse with every threat he tweets. I'm not trying to be how I was with my stocks when it was late July where the market was doing good then he said something which killed the stocks and it took like all the way to Mid August for my stocks to get back to make profits. Fly over there and sign the deal then if it is that serious. It is more then likely him is why we have not signed anything yet.
Che Tran
Che Tran Nov 13, 2019 8:12AM ET
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lack of clarity? that's the used car salesman's pitch.. where are all the trumpanzees saying this deal won't through is fake news? you heard or not heard rather from the horse himself
Erski Gumby
SB20 Nov 13, 2019 8:12AM ET
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You sound like a very nice person.
Tee patroller
tngr Nov 13, 2019 8:12AM ET
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talk about lack of clarity..omg
Aaron Last Name
Aaron Last Name Nov 13, 2019 8:12AM ET
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this deal is a nothing burger that effects only 5% of trade.
 
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