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Stocks - S&P Ends Slightly up as Trade Tensions Persist

Stock MarketsMay 30, 2019 04:40PM ET
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Investing.com - U.S. stocks closed modestly higher Thursday, following a day struggling for direction, as U.S.-China trade war tensions continued to weigh on sentiment after Beijing accused Washington of "naked economic terrorism."

The S&P 500 rose 0.21%. The Nasdaq Composite gained 0.27% and the Dow rose 0.17%.

With just a day to go until month end, stocks swung between gains and losses as traders continued to digest the latest headlines on trade amid increasing expectations for a prolonged U.S.-China trade war.

"We oppose a trade war but are not afraid of a trade war,” Chinese Vice Foreign Minister Zhang Hanhui said Thursday in Beijing when asked about the tensions with the United States. "This kind of deliberately provoking trade disputes is naked economic terrorism, economic chauvinism, economic bullying."

Energy stocks, which have been under pressure from escalating trade tensions, fell more than 1% as oil prices slumped following a smaller-than-expected draw in domestic crude stockpiles.

But there were some corners of the market that offered hope, with consumer discretionaries climbing, led by a rally in retailers, including Dollar General and Dollar Tree.

Discount retailer Dollar General (NYSE:DG) surged 7% on the back of first-quarter results that crushed estimates from Investing.com on both the top and bottom lines. Dollar General's same-store sales of 3.8% also topped expectations for a 2.9% rise.

Dollar Tree's (NASDAQ:DLTR) better-than-expected first-quarter revenue and same-store sales sent its share more than 3% higher, helping the retail sector pare some of its losses from a day earlier.

In financials, banking stocks fell as Treasury yields continued to stutter amid mixed economic data. Expectations for a decline in trading revenues also hurt banks.

Bank of America indicated trading revenue would likely be 10% lower for the quarter, while Citigroup also warned of declining revenue.

Bank of America (NYSE:BAC), Goldman Sachs Group (NYSE:GS) and JPMorgan Chase (NYSE:JPM) closed lower.

In other company news, Tesla (NASDAQ:TSLA) fell 0.9% after Barclays cut its price target on the electric automaker's stock, warning that the company is "stalling as a niche automaker."

On the economic front, a second reading of U.S. GDP showed the economy expanded by 3.1% on an annualized basis in the first quarter, a downward revision from 3.2% estimates previously, but in line with expectations.

Following the malaise in May, in which stocks have lost about 5%, Morgan Stanley warned that markets are likely entering a slow growth cycle, suggesting equities have room to slide.

Top S&P 500 Gainers and Losers Today:

Keysight Technologies (NYSE:KEYS), Dollar General (NYSE:DG) and SBA Communications (NASDAQ:SBAC) were among the top S&P 500 gainers for the session.

PVH (NYSE:PVH), Cimarex Energy (NYSE:XEC) and Perrigo (NYSE:PRGO) were among the worst S&P 500 performers of the session.

Stocks - S&P Ends Slightly up as Trade Tensions Persist
 

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icouldnotthink67 .
icouldnotthink67 . May 30, 2019 8:02PM ET
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Dude looks ready to do some street magic.
Patrick Mueller
Patrick Mueller May 30, 2019 7:42PM ET
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Winter Is Coming!
Pooja Suvarna
Pooja Suvarna May 30, 2019 7:26PM ET
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Trade War is already priced in. Lot has changed but we not ready to recognise the change. China was once a manufacturing hub for the world but now its not. Earlier interest of US was last now there is someone who says America first and is fighting for Americas interest. Everyone need to recognise this change.
Bull Shitter
Bull Shitter May 30, 2019 5:42PM ET
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Factored? Why because the "mkt" is up for a few days? Remember it's month end and bet you tomorrow will be also up to improve the month loss. But factored, if there is no deal Is not the end, just the beginning of uncertainty...
Fred Smith
Fred Smith May 30, 2019 4:35PM ET
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Trade has already been factored into the mkt. The only trade tension is on China, who walked away from the deal of which they'll never see again..The End
bomz bomzov
bomz bomzov May 30, 2019 4:35PM ET
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what is MKT?
Andrew Allen
Andrew Allen May 30, 2019 4:35PM ET
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market
 
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