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S&P 500, Nasdaq slip on trade uncertainty; Boeing buoys Dow

Stock MarketsNov 11, 2019 04:20PM ET
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© Reuters. Traders work on the floor at the NYSE in New York

By Lewis Krauskopf

(Reuters) - The S&P 500 and Nasdaq stock indexes fell from record highs on Monday as uncertainty about progress in U.S.-China trade talks again rose to the fore following comments by President Donald Trump, while a jump in Boeing shares helped the Dow Jones Industrial Average eke out a slim gain.

Investor hopes of a "phase one" trade deal have been a key factor supporting stocks recently, but Trump said on Saturday that the United States would only make a trade deal if it was the "right deal" for America, adding that the talks had moved more slowly than he would have liked.

Violence in Hong Kong during protests also cast a shadow on sentiment after the three major averages posted all-time closing highs on Friday, and the benchmark S&P 500 (SPX) tallied its fifth week of gains in a row.

"You had negative headlines that were a reason for consolidation after five weeks in a row where stocks moved higher," said Willie Delwiche, investment strategist at Baird in Milwaukee.

"The biggest risk right now is excessive optimism," Delwiche said. "And so if we can have a few days of consolidation where it eases some of that, then that’s a healthy development for the market overall."

Michael Arone, chief investment strategist at State Street (NYSE:STT) Global Advisors, said that "a lot of good news is priced into the stock market," including the Federal Reserve's interest-rate cuts, third-quarter earnings topping low expectations, signs of a bottoming of economic data, and enthusiasm about a potential resolution to trade tensions.

Investors will be watching for any trade commentary from Trump on Tuesday, when he is expected to speak at The Economic Club of New York.

The Dow Jones Industrial Average (DJI) rose 10.25 points, or 0.04%, to 27,691.49, the S&P 500 (SPX) lost 6.07 points, or 0.20%, to 3,087.01 and the Nasdaq Composite (IXIC) dropped 11.04 points, or 0.13%, to 8,464.28.

Shares of Boeing Co (N:BA) jumped 4.5% to $366.96 after the planemaker said it expected U.S. regulators to approve the return to commercial service of its grounded 737 MAX jet in the coming weeks, and expects commercial service to resume in January.

Boeing shares are the biggest weight in the 30-component, price-weighted Dow, helping the blue-chip index tally another record close on Monday.

Walgreens Boots Alliance Inc (O:WBA) shares gained 5.1% after Bloomberg reported that KKR & Co (N:KKR) had formally approached the drugstore giant for what could be the biggest-ever leveraged buyout.

Most of the S&P 500 sectors ended in the red, with utilities (SPLRCU), energy (SPNY) and healthcare (SPXHC) falling the most.

Investor attention will shift to economic data and testimony by Fed Chair Jerome Powell on the economic outlook later this week, while a handful of big companies, including Walmart Inc (N:WMT), Cisco Systems Inc (O:CSCO) and Nvidia Corp (O:NVDA), will report earnings.

The third-quarter corporate reporting season, which is drawing to a close, has been better than expected overall, but S&P 500 companies are still expected to have posted a 0.5% decline in earnings, according to Refinitiv data.

Declining issues outnumbered advancing ones on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners.

The S&P 500 posted 19 new 52-week highs and one new low; the Nasdaq Composite recorded 64 new highs and 96 new lows.

About 5.5 billion shares changed hands in U.S. exchanges, below the 6.8 billion-share daily average over the last 20 sessions.

S&P 500, Nasdaq slip on trade uncertainty; Boeing buoys Dow
 

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Comments (10)
Hank Williams
Hank Williams Nov 11, 2019 9:12PM ET
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Boeing needs to fix the design of the 737 or build a big fund for the lawyers if there is another crash. Cannot believe someone in this country is fixing a design flaw with software. Unbelievable.
Ryan Grandinetti
Ryan Grandinetti Nov 11, 2019 3:15PM ET
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unemployment is at record lows, yes the world market is struggling because the U.S checked China!The U.S is in a strong position, leader in oil production, tarriffs etc. The U.S is in a strong position for investment the question is who will control the presidency next year. if the Democrats win pull your $ out then buy when everything bottoms out... thats economics 101
Jordalf Labrador
Jordalf Labrador Nov 11, 2019 3:15PM ET
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its does US is struggling to get a job. and we need higher points to buy a stock from different company.
Erski Gumby
SB20 Nov 11, 2019 3:15PM ET
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Steven Chen
Gamer_LG Nov 11, 2019 11:54AM ET
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don't cave in trump. if you do, you'll be the very US president to lose to China, will go down in history as the worst President. lmao
Wesley Alford
Wesley Alford Nov 11, 2019 11:49AM ET
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the stock market was design for trading in order to prevent a war over our obvious needs in health safety and welfare and with buying a share of the stock you are supposed to be offered free education and medical and other services
Erski Gumby
SB20 Nov 11, 2019 11:49AM ET
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Wow!
top luso
topluso Nov 11, 2019 9:44AM ET
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buying opportunities but they're going fast! lol
Erski Gumby
SB20 Nov 11, 2019 9:44AM ET
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Everyday is a buying and selling opportunity for options.
MAT DEY
MAT DEY Nov 11, 2019 9:36AM ET
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sell gold , 1420 coming , the reserve want cheap
TA XVCI
TA XVCI Nov 11, 2019 9:36AM ET
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Remember last winter?
MAT DEY
MAT DEY Nov 11, 2019 9:36AM ET
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TA XVCI  :) thanks  check the price today :)
Silverbug 19
Silverbug 19 Nov 11, 2019 8:43AM ET
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MSM sours the mood not Trump
Dominic Natoli
Dominic Natoli Nov 11, 2019 8:39AM ET
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we honestly still need to retest the big resistance we broke through around 302.30 still, would like to see this before any more significant moves up or down
TA XVCI
TA XVCI Nov 11, 2019 8:39AM ET
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It's bubbling. Never seen so many demonstration in so many countries. People are getting into depression . The ATH's is not matching the data at the same time. Time will tell soon how hard we will fall.
Rui Val
Rui Val Nov 11, 2019 8:07AM ET
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These markets are attracting normal people to put savings in it and big investors are taking their money out of the markets. Markets will go down soon. Please be smart and take your money out.
Chic Surinthum
Chic Surinthum Nov 11, 2019 8:07AM ET
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Trump make profit for use new vote next year
Randal paul
Randal paul Nov 11, 2019 8:07AM ET
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Val can u teach me fundamental pls?
Lucas Marcum
Lucas Marcum Nov 11, 2019 8:07AM ET
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if everyone followed your advice the market really would crash.
 
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