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Stocks – S&P Pulls Back on Trade Uncertainties

Stock MarketsOct 07, 2019 05:07PM ET
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Investing.com - Uncertainty over where trade talks between the U.S. and China are headed held Wall Street back on Monday.

U.S. and Chinese negotiators are set to sit down this week in Washington, although few think a comprehensive trade deal will emerge.

As a result, stocks slipped on the day. The S&P 500 was off 0.45%. The Dow Jones industrials were down 0.36% and the Nasdaq Composite fell 0.33%. Telecom and communications services stocks were among the few sectors showing gains. Energy and staples stocks were lower.

Apple (NASDAQ:AAPL) hit a 52-week high, but then fell back to a tiny gain and was one of just eight Dow stocks ahead on the day..

While the changes were small, there were some sizable swings for the indexes. The Dow fell as many as 149 points and gained as many as 82. The Nasdaq was up nearly 31 points and down more than 40 points.

As a result, the day had to be a disappointment after the big gains seen at the end of last week, especially Friday, after a bullish jobs report. The Dow was up 495 points over the two days -- after falling 838 points Tuesday and Wednesday.

Driving the market's volatility is the U.S.-China trade battle. China, for now, wants a stripped-down agreement, like buying more soybeans and pork, while the Trump Administration wants a comprehensive deal, including changes in Chinese law to stop theft of intellectual property. That is proving a major sticking point.

The trade talks will command a lot of attention because there are few important economic reports this week, except minutes from the Federal Reserve's August meeting.

The U.S. and China have been wrangling for more than a year, with both sides boosting tariffs on products imported from the other and affecting both countries' economies and global trade as well.

The swings in stocks were evident as well in swings in oil prices as traders tried to figure out how a U.S. withdrawal from parts of Syria and the trade battles would play out.

But both West Texas Intermediate and Brent futures ended down slightly. WTI ended at $52.75 a barrel. Brent fell 2 cents to $58.35. The declines hit shares of oil-and-gas exploration-and-production companies hard. Apache (NYSE:APA) and Devon Energy (NYSE:DVN) both fell more than 3%.

The 10-Year Treasury yield was at 1.565%, up from 1.514% on Friday.

Tesla (NASDAQ:TSLA) had a good day, rising 2.7%, tops among S&P 500 stocks. It was followed by financial services software company Workday (NASDAQ:WDAY), Align Technology (NASDAQ:ALGN), which makes equipment used in orthodontics and biotech company Biogen (NASDAQ:BIIB).

Consumer stocks didn't fare well. Ulta Beauty (NASDAQ:ULTA), Dollar Tree (NASDAQ:DLTR), Chinese internet company Baidu (NASDAQ:BIDU) and Fastenal (NASDAQ:FAST) were among the worst S&P 500 performers.

Gold futures moved lower as well.

Stocks – S&P Pulls Back on Trade Uncertainties
 

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eddie smith
eddie smith Oct 07, 2019 9:48PM ET
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How to be a financial "journalist": Market red "Market down on trade fears". Market green "Market ignores trade fears." Market flat "Market weighs trade fears."
John Chi
John Chi Oct 07, 2019 9:48PM ET
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Red: Market down on recession fear. Green: Market up on rate-cut hope. Flat: Market awaits Powell speech.
Jun Man
Jun Man Oct 07, 2019 9:26PM ET
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I thought it was pretty certain... No deal.
Mark Manley
Mark Manley Oct 07, 2019 7:34PM ET
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S&P pulls back on all uncertainty, no such thing as a bold investor anymore, why do we let democrats buy stocks, their fear-based investing is bad for us all
John R Fanelli
John R Fanelli Oct 07, 2019 7:34PM ET
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Irational, Emotional responses for their investing. Its exactly how they vote too!
Che Tran
Che Tran Oct 07, 2019 7:34PM ET
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Mark, I have this policy called Make Myself Great Again. you just keep buying.. I'll just sit on the sideline to watch your president pummel you bold "investors".
watson raj
watson raj Oct 07, 2019 7:25PM ET
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just go for the deal Mr Trump ,rock
 
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