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Stocks: Another Act of 'Waiting for China' Leaves S&P Flat

Stock Markets Nov 14, 2019 05:00PM ET
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Investing.com - Investors spent Thursday hoping for a catalyst to push stocks higher – and didn't get one.

While the S&P 500 did reach a new closing high at just under 3,097, it came with no drama. The other major indexes struggled as well.

The S&P 500 rose 2.6 points, or 0.08%. The Dow Jones Industrial Average was very nearly flat for the second time in three days. It was off 1.6 points or 0.01%. On Tuesday, the index finished unchanged on the day, its first unchanged day since April 24, 2014.

The Nasdaq Composite and the Nasdaq 100 indexes fell 0.04% and 0.02%, respectively.

The catalyst investors, traders and their computers want is a trade deal with China. It didn't happen Thursday. And no one in the Trump Administration or the government of Xi Jinping in China was signaling any clarity on when an agreement will come.

The critical issues right now appear to be how much China will spend on U.S. farm products and when and how tariffs imposed earlier this year and possibly boosted next month will be rescinded.

Instead, investors had to deal with disappointing guidance from Cisco Systems (NASDAQ:CSCO) and a downgrade on Apple (NASDAQ:AAPL), whose stock hit an all-time intraday high of $264.68 before pulling back. Cisco, down 7.3%, was the weakest performer in the Dow, the S&P 500 and the Nasdaq 100.

Boeing (NYSE:BA) moved 1.36% higher, good for nearly 34 Dow points on an upgrade from Vertical Research Partners analyst Robert Stallard. Stallard raised his price target on the stock to $400. But there was a caveat: The 737 Max has to start flying again.

After the close, shares of RH (NYSE:RH), the corporate name of home-furnishings retailer Restoration Hardware, jumped 6.7% after Warren Buffett's Berkshire Hathaway (NYSE:BRKa) disclosed it has bought 1.2 million shares in the company. Berkshire Hathaway also bought nearly 7.5 million shares of Occidental Petroleum (NYSE:OXY). Occidental shares rose 1.6% after hours.

Boeing shares are off 3.4% this quarter, but are still up nearly 14% on the year.

Walmart (NYSE:WMT) hit an all-time high after fiscal third-quarter results were stronger than expected, but the shares fell back 0.3% on apparent profit-taking.

Seven of 11 S&P 500 sectors were higher, led by real estate and materials stocks, reflecting lower interest rates. The 10-year Treasury yield fell to 1.819% from Wednesday's 1.869%.

Gold jumped $10.10 to $1,473.40 an ounce in New York, attracting investor capital looking for safe havens.

Energy was the weakest sector, reflecting lower oil prices.

West Texas Intermediate crude fell 35 cents to $56.77 a barrel. Brent crude, the global benchmark, was off 9 cents to $62.28. Prices dropped after the Energy Information Administration reported a larger-than-expected gain in domestic oil stocks.

Software company DXC Technology (NYSE:DXC), data-storage maker NetApp (NASDAQ:NTAP), fertilizer maker Mosaic (NYSE:MOS) and personal computer maker HP (NYSE:HPQ) were among the top S&P 500 stocks.

Cisco Systems (NASDAQ:CSCO), food giant Kraft Heinz (NASDAQ:KHC), utility giant CenterPoint Energy (NYSE:CNP) and Regeneron Pharmaceuticals (NASDAQ:REGN) were among the biggest S&P 500 laggards.

Stocks: Another Act of 'Waiting for China' Leaves S&P Flat
 

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Comments (10)
divad mocihc
9divaD Jul 19, 2021 2:58AM ET
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Another 2019 article?
Donald Schneider
Donald Schneider Jul 19, 2021 2:58AM ET
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hell yours is 5 years in front of mine I'm seeing stuff from 2014
Rosh Jardine
RoshJardine Jul 19, 2021 2:58AM ET
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To mislead the automated trading lol
holy piger
holy piger Nov 14, 2019 8:35PM ET
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can someone please tell me the reason of the rising market?
Nick Burns
Nick Burns Nov 14, 2019 8:35PM ET
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trade deal is coming of course lol if you mean the spike in futures a little bit ago
Ron Warren
Ron Warren Nov 14, 2019 8:35PM ET
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Artificial Intelligence running the markets. if you own Boeing, you buy a high power computer to trade for you. In the middle of all the rapid fire trading, occasionally, the AI buys a handful of shares at a bid that's higher than the ask. Real simple. Real Wrong!! SEC?
Nick Burns
Nick Burns Nov 14, 2019 8:35PM ET
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trade deal is coming of course lol if you mean the spike in futures a little bit ago
Adamo Nals
Adamo Nals Nov 14, 2019 8:01PM ET
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It’s beyond unhealthy. You’re talking about price targets for a year or two away we’re at. Trading at exorbitant 20 X. Just not sustainable no matter what anyone says on the TV
Adamo Nals
Adamo Nals Nov 14, 2019 8:00PM ET
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It’s so unhealthy that we’re not having a correction it’s going to hit so hard any day. It’s the worst I’ve seen in 30 years. You have to have a correction at this ridiculous level.
holy piger
holy piger Nov 14, 2019 6:57PM ET
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its pretty crazy, it seems like there is a force supporting the market, dont allow it to drop.
Frag Carole
Frag Carole Nov 14, 2019 6:24PM ET
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News react to stocks. The catalyst is not a trade deal. Stocks been hitting all time highs with NO trade deal in place
Gold Fever
Gold Fever Nov 14, 2019 5:17PM ET
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Xi sitting on the couch eating popcorn and watching the Trump show
Frag Carole
Frag Carole Nov 14, 2019 5:17PM ET
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n Hk
Gold Fever
Gold Fever Nov 14, 2019 4:25PM ET
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Another year of waiting, minimum
ran Jessie
ran Jessie Nov 14, 2019 4:20PM ET
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Friday. I think.. I will be the day of falling Nasdaq. The real winner is who run away ASAP. Bear will beat Bull.
TA XVCI
TA XVCI Nov 14, 2019 4:20PM ET
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Heavily. Like last winter. Something will trigger it soon.
Frag Carole
Frag Carole Nov 14, 2019 4:20PM ET
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That is your thinking, proally wrong.
Dan Be
Dan Be Nov 14, 2019 4:18PM ET
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Was this written by someone illiterate? Edit your articles for publishing...
King Power
King Power Nov 14, 2019 4:18PM ET
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With a name such as "Dan Be" I wouldn't push it lol
 
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