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Indexes trade near flat, pause as trade deal doubts resurface

Published 11/08/2019, 03:42 PM
Updated 11/08/2019, 03:42 PM
Indexes trade near flat, pause as trade deal doubts resurface

Indexes trade near flat, pause as trade deal doubts resurface

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks were near unchanged on Friday after President Donald Trump said he has not agreed to a rollback of U.S. tariffs sought by China, fueling doubts about the progress of trade talks between the two countries.

Trump, in remarks to reporters at the White House, poured cold water on the idea of rolling back the tariffs, something that he said Beijing would like him to do. On Thursday, officials from both countries said that the United States and China had agreed to such a deal.

"Markets are getting tired" of the back-and-forth on the trade front, said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. "It's gone from the deal is close, to no, it's not, and we've been through this before."

Helping to boost the S&P 500, Walt Disney Co (N:DIS) gained 3.6% a day after it reported quarterly results that showed it spent less than it had projected on its online streaming service, Disney+. Disney's popular theme parks and a remake of "The Lion King" lifted earnings.

The Dow Jones Industrial Average (DJI) fell 27.19 points, or 0.1%, to 27,647.61, the S&P 500 (SPX) gained 2.53 points, or 0.08%, to 3,087.71, and the Nasdaq Composite (IXIC) added 27.06 points, or 0.32%, to 8,461.57.

Of the 446 S&P 500 companies that have reported results so far, roughly three-quarters have beaten profit estimates, according to IBES data from Refinitiv. The numbers, to some extent, reflect significantly lowered analysts' forecasts.

Also on Friday, shares of Gap Inc (N:GPS) fell 7% after the apparel retailer said Chief Executive Officer Art Peck would leave the company, a surprise exit in the middle of a restructuring. Gap also slashed its full-year earnings forecast.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.

The S&P 500 posted 23 new 52-week highs and two new lows; the Nasdaq Composite recorded 68 new highs and 80 new lows.

Latest comments

insane us manipulation going up 5% on trade optimism goin gup when we have bad news bout trade melt up raging
buy the dip!. trump is clearly losing the easy trade war, he is caving to the pressure and will sign anything to get equity to surge into 2020. instead of screaming China this or China that, he'll just be screaming stock market ath. how is those 401ks... lol
oh. there is a trade deal.. oh there is no trade deal. yes there is.. no there is not.. up, down.. people this is just to get you to invest in a market that is going to implode.. use your heads..
you right. 90% of traders expect a end of the rally. Trump is so proud of having market going higher. Now, imagine China saying to dony G2FY market will crash around Christmas .
I bet around Christmas as well. It’s going to be like last winter.
i'm going to stop clicking articles with "trade deal" in the title - you want my ad revenue money, come up with something original than attributing every tick to trade deal every day since 2016
hmmmm.  I wonder what Monday's headline will be.
more shorts  = more fuel for the bulls. keep fear mongering.
Smart investor is selling at this level of overvalued stock market. The only pump is coming from Fed and Trade Deal hopium.
Warning are everywhere and today is no exception. We can't closed positive today and even the news admit this. This is a sucker rally at best
More fear mongering, burying the truth that this economy is strong and doesn't support a futures dip, you socialists won't stop until you tank this market
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