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Stocks - Wall Street Falls After Report That China Uncertain About Trade Deal

Published 11/18/2019, 09:55 AM
Updated 11/18/2019, 10:02 AM
© Reuters.

© Reuters.

Investing.com – Wall Street fell on Monday after reports that Chinese officials are pessimistic about a trade deal spooked investors.

The Dow was down 27 points, or 0.1%, by 9:46 AM ET (13:46 GMT), while the S&P 500 lost 6 points, or 0.2%, and the Nasdaq Composite slipped 31 points, or 0.4%.

China thinks the possibility of a trade deal is bleak due to U.S. President Donald Trump’s reluctance to roll back trade tariffs, CNBC reported. Futures were in the green earlier over renewed optimism that a deal between the two largest economies in the world is possible.

"This is a market that's going to live or die by the tone around trade," said Art Hogan, chief market strategist at National Securities in New York.

"There is some good news that's baked into this market, so when we get bad news this market's going to roll over," Hogan said.

Stocks sensitive to trade were lower, with Tesla (NASDAQ:TSLA) falling 0.8%, Apple (NASDAQ:AAPL) down 0.5%, IBM (NYSE:IBM) slipping 0.6% and Caterpillar (NYSE:CAT) tumbling 1.1%.

FedEx (NYSE:FDX) fell 1.8%. FedEx CEO Federick Smith challenged the paper’s leadership to a public debate in Washington after the paper reported that the delivery company pays no U.S. tax.

Qudian (NYSE:QD) slumped 11.2% after the Chinese lender cut its full-year outlook and its earnings for the last quarter missed forecasts.

Elsewhere, Coty (NYSE:COTY) rose 4.1% after the cosmetic company said it was buying a 51% stake in Kylie Jenner's cosmetics and skincare businesses for $600 million. Barrick Gold (NYSE:GOLD) gained 1.9% after it said it agreed to sell its 50% stake in Kalgoorlie Consolidated Gold Mines to Saracen Mineral Holdings for $750 million.

In commodities, the US Dollar Index, which measures the greenback against a basket of six major currencies, was down 0.1% to 97.730 and gold futures inched up 0.2% to $1,471.35 a troy ounce. Crude oil futures fell 1.2% to $57.14 a barrel.

-Reuters contributed to this report

Latest comments

Interesting, I took you Dems to task for your fake news and attempt at market manipulation this morning, and was I right? Yes I was. Someone should investigate you guys for shorting the market then trying to force it down with fake news.
interesting
The trade war is on going for 18 months.  SPX went from 2650 to 3120, an 18% gain.  So be it.
use some different headlines someday Post
Folks. The market doesn't care about the trade war anymore. Look back to the 90s during trade war with Japan. Market resumed uptrend before deal signed. Hmm looking like that today.
Dude, it is different, at that time the USA had full control of Japan, but this time, you mark my word, China will push off Trump from his seat very likely. The fewer votes Trump has, the less chance for China to sign that deal.
Mr. Zhang, thank you for the feedback. I think the election is Trump's to lose so yeah we'll see. The Dude
 --- Sounds reasonable.
investment.com why it takes so long to keep these types of news so late ?these news always comes after operator plays his game...
Suggestion: do not rely on investing.com for leading edge articles. you will have much less indigestion.
if it is not coming from Peter Navarro, Robert Lighthizer or the White House, then it is fake news.
Peter Navarro, the one who use fake and fictional characters in his book, how reliable!!!
More inflammatory false news from the lefty whack jobs at Reuters and Investing.com
What are you talking about Dictator Trump said it himself on TV and radio  "that is does not really think he wants to do a deal with China if he had it his way"  So there is nothing fake about it. If anything that is fake is the propaganda TRUMP NEWS spews out to satisfy his narcissistic personality, and his irrational base.
DOW down .01%. This is serious guys...
+1
waiting for kudlow to get on tv to refute this. lol. when market goes south heavily, someone could be sued for manipulation.
I mean idk how people thought there would be anything good.
wow. this trash talk just cost me lot of money. And I am a newbie too.. what a great start. thanks.
I must be a “stable genius.” I’ve been telling everyone for many weeks now that the China trade talks were going nowhere.
both countries cheating investors
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