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Stocks - Wall Street Flat as Inconclusive Trade Chatter Drags on  

Stock Markets Nov 26, 2019 09:52AM ET
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Investing.com – Wall Street was flat on Tuesday, as investors held off from increasing bets on an imminent breakthrough in the U.S.-China trade war.

The Dow was up 14 points or 0.1% by 9:49 AM ET (13:49 GMT), while the S&P 500 inched up 1 point or 0.1% and the Nasdaq composite was flat at 8,635.23 points.

The Chinese Ministry of Commerce said in a statement that the two had “reached consensus on properly resolving relevant issues” during a phone call Tuesday morning Beijing time, but did not provide any further details. The call was later confirmed by U.S. officials, but White House advisor Kellyanne Conway told Fox News that there were still obstacles to any detente, including forced technology transfers.

"A combination of progress on trade talks, no curveball by (Fed Chair) Powell, and consumer confidence should keep this 'Thanksgiving rally' going," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Powell had said in a speech on Monday that "the glass is more than half full" as regards the economic outlook.

Best Buy (NYSE:BBY) was among the top gainers after the market open, rising 6% after its revenue beat estimates due to a rise in same-store sales, while Dick’s Sporting Goods (NYSE:DKS) surged 14% on strong earnings and a rise in full-year guidance.

Elsewhere, technology stocks fell with Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB) down 0.2% and Tesla (NASDAQ:TSLA) slipped 0.8%. Dollar Tree (NASDAQ:DLTR) slumped 16.3% after the company warned that the last quarter of the year will be weak due to the impact of tariffs on Chinese imports.

In commodities, the U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.1% to 98.285 and gold futures lost 0.3% to $1,459.90 a troy ounce. Crude oil futures gained 0.8% to $58.47 a barrel.

-Reuters contributed to this report

Stocks - Wall Street Flat as Inconclusive Trade Chatter Drags on  
 

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Comments (1)
Thom Miller
Thom Miller Nov 26, 2019 10:29AM ET
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Is Wall Street really going to make trades on anything Kelly Ann Conway says about the China talks or anything else? Of course it will! Why? Because the patients are now running the asylum.
 
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