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Stocks - S&P Ends off Lows as Dovish Fed Minutes Ease U.S.-China Trade Jitters

Stock Markets May 22, 2019 05:20PM ET
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Investing.com - U.S. stocks closed down but finished off their lows Wednesday as renewed trade jitters were offset by dovish minutes from the Federal Reserve.

The S&P 500 lost 0.28%, the Dow Jones Industrial Average fell 0.39%, while the Nasdaq Composite slid 0.45%.

Federal Reserve policymakers said their patient approach to monetary policy action could continue for "some time," even if the global economy improves, according to minutes of the Fed’s last meeting released today. That helped offset renewed trade jitters amid reports that Washington is set to impose restrictions on other major Chinese tech companies.

Chip stocks led the declines in the broader tech sector on reports the White House is considering banning as many as five Chinese companies, including video surveillance equipment Hikvision, as part of a move to curb Beijing's access to U.S. intellectual property, Bloomberg reported, citing people familiar with the matter.

Qualcomm (NASDAQ:QCOM) fell 10.9%, as it was also hit with an adverse antitrust ruling. Intel (NASDAQ:INTC), Nvidia (NASDAQ:NVDA) and Micron (NASDAQ:MU) also closed in the red as the Philadelphia Semiconductor Index fell 2.1%.

The White House move comes a day after the U.S. Commerce Department granted a 90-day license for U.S. mobile phone companies and internet broadband providers to work with Huawei to keep existing networks online and protect users from security risks.

U.S. Treasury Secretary Steven Mnuchin underscored the fraught U.S.-China relations, confirming in a CNBC interview that the U.S. has no plans to go to Beijing to resume trade negotiations.

China had invited the U.S. trade team to Beijing in a bid to iron out trade differences after the nations had failed to reach a consensus in talks in Washington earlier this month.

On the earnings front, Lowe’s Companies (NYSE:LOW) slumped more than 13% after reporting mixed first-quarter earnings as it missed expectations from Investing.com on the bottom line. Shares of Nordstrom (NYSE:JWN) also suffered a 9.25% drubbing after it missed first-quarter earnings estimates and cut its guidance for the year. But Target (NYSE:TGT) ended 7.8% higher as the retailer delivered a beat on the top and bottom lines.

Falling energy stocks also slumped, dragging the broader market lower, on the back of a slump in oil prices following an unexpected build in weekly U.S. crude supplies.

Top S&P 500 Gainers and Losers Today:

Target (NYSE:TGT), Regeneron Pharmaceuticals (NASDAQ:REGN) and Advance Auto Parts Inc (NYSE:AAP) were among the top S&P 500 gainers for the session.

Lowe’s (NYSE:LOW), Qualcomm (NASDAQ:QCOM) and Nordstrom (NYSE:JWN) were among the worst S&P 500 performers of the session.

Stocks - S&P Ends off Lows as Dovish Fed Minutes Ease U.S.-China Trade Jitters
 

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Comments (8)
Pejman Amz
Pejman Amz May 23, 2019 5:44AM ET
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hey ... everybody.1
Hank Williams
Hank Williams May 22, 2019 7:04PM ET
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Think I blame the Fed. If Greenspan were there we would be getting some great roller coaster rides.
Notvery Goodathis
Peteymcletey May 22, 2019 6:45PM ET
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Ends off lows because bleep blop bloop.Minutes were non-event. How the US stock market is still near 6 month highs is strange. China tech stocks that have no exposure to US have either pulled back to 200 day SMA or set new 52 week lows despite blowout earnings.Either US stock is grossly overvalued like Brazil, or China etc are criminally low.
Hank Williams
Hank Williams May 22, 2019 5:39PM ET
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I have never seen the markets listen to so much BS for so long.
Patrick Joly
Patrick Joly May 22, 2019 5:24PM ET
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it is a random trader about to commit a suicide after he bought a lot of shares of lowes yesterday.
ergis ziu
ergis ziu May 22, 2019 4:51PM ET
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If it’s not Trump, it’s the Feds; if it’s not the Feds, it’s something else
Teddy Herrera
Teddy Herrera May 22, 2019 4:32PM ET
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i see that guys photo every couple of weeks on these articles. id like to know the backstory of this photo..
Teddy Herrera
Teddy Herrera May 22, 2019 4:32PM ET
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i see that guys photo every couple of weeks on these articles. id like to know the backstory of this photo..
 
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