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Wall St. little changed but report trade deal could be delayed weighs

Stock Markets Nov 06, 2019 02:57PM ET
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By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks were near flat on Wednesday as a report that the U.S.-China deal could be delayed until December increased worries about how long the trade war will go on, while healthcare shares supported the market.

A senior official of the Trump administration told Reuters a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December, as discussions continue over terms and a venue.

Stocks were also on pause after their recent run to record highs.

The year end is typically a bullish time for stocks, but the trade war is still a risk, said Quincy Krosby, chief market strategist at Prudential Financial (NYSE:PRU) in Newark, New Jersey.

Also, "there's been concern the market was moving toward overbought conditions," she said.

Humana Inc (N:HUM) rose 3.9% as the health insurer reported quarterly profit that beat estimates on higher sales of its government-backed Medicare Advantage health plans.

CVS Health Corp (N:CVS) gained 4.9% after the pharmacy chain posted a better-than-expected quarterly profit, boosted by its Aetna (NYSE:AET) health insurance business and pharmacy benefit management unit.

The Dow Jones Industrial Average (DJI) fell 2.91 points, or 0.01%, to 27,489.72, the S&P 500 (SPX) lost 0.21 points, or 0.01%, to 3,074.41 and the Nasdaq Composite (IXIC) dropped 28.29 points, or 0.34%, to 8,406.39.

The recent rally had been fueled by signs of progress in the U.S.-China trade talks and a mostly upbeat earnings season.

The S&P 500 energy index (SPNY) fell 2.3% following declines in oil prices, while the S&P health care (SPLRCT) was up 0.6%.

Match Group Inc (O:MTCH) slumped 4.9% as the Tinder owner forecast fourth-quarter revenue below estimates in the face of stiff competition from rival online dating services. Its parent firm, IAC/InterActiveCorp (O:IAC), dropped 4.7%.

Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored decliners.

The S&P 500 posted 11 new 52-week highs and two new lows; the Nasdaq Composite recorded 62 new highs and 53 new lows.

Wall St. little changed but report trade deal could be delayed weighs
 

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Comments (13)
Randy Randy
randy00 Nov 06, 2019 3:43PM ET
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The king of the deal strikes again. This is a loser's mess.
Rony Trade
Rony Trade Nov 06, 2019 2:31PM ET
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And just to repeat this so the wisdom is heard, there will be no deal, none, whatsoever.
Kim Andreasen
Kim Andreasen Nov 06, 2019 2:31PM ET
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And if there'll be a partial deal, it won't reverse the slowing growth in the global economy as majority is hoping for. Like Morgan Stanley said, we've borrowed from tomorrow's returns in the stock market
Stefon Walters
AgapeGrace Nov 06, 2019 2:24PM ET
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Let’s get this straight. There aint going to be no “deal”.
Nov 06, 2019 1:58PM ET
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big later again in green what a losers
Rui Val
Rui Val Nov 06, 2019 1:39PM ET
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These markets are attracting normal people to put savings in it and big investors are taking their money out of the markets. Markets will go down soon. Please be smart and take your money out.
Erski Gumby
SB20 Nov 06, 2019 1:39PM ET
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And then likes his own comment. So sad. LOL
TA XVCI
TA XVCI Nov 06, 2019 1:39PM ET
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Erski Gumby  He has a point though. The market will fall soon after all these hopium.
Me comment
Me comment Nov 06, 2019 1:36PM ET
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Trump won't agree on venue to sign unless it is in Iowa so he can give the impression he is winning. Reality is this deal only set trade issuec back exactly where they were pre tariff, all at the expense of the farmers over the last 18 months. No win here.
eddie glass
eddie glass Nov 06, 2019 1:06PM ET
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MARKETS DOWN 0.1% FROM ALL TIME HIGHS! not sure how the world will recover from this massive slip. this is what happens when you do not have enough news to fill 24/7 new cycles and needing to pump out new articles for ad revenue.
TA XVCI
TA XVCI Nov 06, 2019 1:06PM ET
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Crazy how the market goes down 0.1% on really BAD news. They are really preparing a huge DOWNFALL when the time is right for these people. Waiting patiently.
eddie glass
eddie glass Nov 06, 2019 1:06PM ET
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TA XVCI knowing this market when a china trade deal is made it will crash, buy the rumor sell the news
Tony SK Lai
Tony SK Lai Nov 06, 2019 12:53PM ET
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Deal what without money!?
Mike Roland
Mike Roland Nov 06, 2019 9:59AM ET
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did a member of the so called administration say it looks good again? and like Pavlov's dogs we are expected to jump
Cee Kay
Cee Kay Nov 06, 2019 9:45AM ET
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Again use trade optimism.. Algo is reacting to it.
 
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