Investing.com - Wall Street pared back gains on Thursday as investor focus turned to the upcoming U.S.-China trade talks at the G20 summit in Argentina.
The S&P 500 fell 28 points, or 0.29%, to 2,735.12 as of 9:31 AM ET (14:31 GMT), while the Dow decreased 22 points, or 0.09%, to 25,343.65 and the tech-heavy Nasdaq Composite dipped 24 points, or 0.32%, to 7,268.11.
Investors are looking ahead to U.S.-China trade war developments as U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks on the sidelines of the G20 at the end of the week.
Meanwhile, the Fed’s November meeting minutes will be released later in the day, with investors looking for any fresh indications of interest rate plans. Data released on Thursday showed that consumer spending surged in October, while underlying inflation slowed. The Fed’s preferred inflation measure, the core personal consumption expenditures price index, rose 0.1%.
Among the top gainers, retailer Abercrombie & Fitch (NYSE:ANF) jumped 23% after its earnings came in higher than expected. Boeing (NYSE:BA) rose 0.90%, while McDonald’s (NYSE:MCD) increased 1%.
Meanwhile, Deutsche Bank (NYSE:DB) shares slumped 3.34% following news that its Frankfurt offices were searched by officers on money laundering allegations. FAANG stocks were also down, with Amazon.com (NASDAQ:AMZN) slipping 0.78% and Netflix (NASDAQ:NFLX) losing 1.25%.
General Electric (NYSE:GE) fell 2%, while Micron (NASDAQ:MU) was down 1.36%.
In commodities, gold futures rose 0.20% to $1,232.20 a troy ounce and crude oil increased 2.17% to $51.38 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, gained 0.05% to 96.73.