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Wall Street ends flat as mixed economic data signals caution

Stock MarketsSep 23, 2019 05:07PM ET
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© Reuters. Traders work on the floor at the NYSE in New York

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks barely budged on Monday, with slight gains in shares of Apple offset by mixed economic data that added to caution over the prolonged U.S.-China trade war.

Apple Inc (O:AAPL) rose 0.5% after U.S. trade regulators approved 10 of 15 requests for tariff exemptions by the iPhone maker. Micron Technology Inc (O:MU), which supplies components to Apple, advanced 0.9%.

U.S. employment in the services sector shrank for the first time in 9-1/2 years in September, IHS Markit's Purchasing Manager's Index showed. The data also showed manufacturing activity rose in September, topping expectations.

Earlier in the day, a survey showed a manufacturing recession deepening in Germany, Europe's biggest economy.

"What's been a question within the market is whether or not we are headed toward a recession within the next 12 months. So all of the data releases are increasingly important," said Quincy Krosby, chief market strategist at Prudential Financial (NYSE:PRU) in Newark, New Jersey.

Any upbeat data offers investors hope the United States will be able to avoid a recession, she said.

Investors also have been cautious about progress in Sino-U.S. trade talks after a Chinese agriculture delegation canceled a visit to Montana.

The Dow Jones Industrial Average (DJI) rose 14.92 points, or 0.06%, to 26,949.99, the S&P 500 (SPX) lost 0.29 points, or 0.01%, to 2,991.78 and the Nasdaq Composite (IXIC) dropped 5.21 points, or 0.06%, to 8,112.46.

"People are tentative and want to sit on the sidelines. We're sitting here just below highs, and there's no urgent need to chase them unless they break out, and of course no one wants to sell them either," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

American Express (N:AXP) shares gained 1.2% after it announced a share repurchase plan and a dividend increase.

Juniper Networks Inc (N:JNPR) rose 2% as Needham upgraded the network gear maker's stock to "buy."

Boeing (NYSE:BA) <.BA.N> edged lower after a Reuters report that European antitrust regulators were set to investigate the planemaker's $4.75 billion bid for the commercial aircraft arm of Brazil-based Embraer SA (SA:EMBR3).

Additionally, the chief of the U.S. Federal Aviation Administration was to detail progress on the Boeing 737 MAX aircraft inquiry to international air regulators.

Social network Facebook Inc (O:FB) fell 1.6% and was among the biggest drags on the S&P 500 along with Amazon.com (O:AMZN), down 0.5%.

Advancing issues outnumbered declining ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.21-to-1 ratio favored decliners.

The S&P 500 posted 19 new 52-week highs and one new low; the Nasdaq Composite recorded 42 new highs and 50 new lows.

Volume on U.S. exchanges was 5.90 billion shares, compared with the 7.1 billion average for the full session over the last 20 trading days.

Wall Street ends flat as mixed economic data signals caution
 

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Luis Reynoso
Luis Reynoso Sep 24, 2019 1:09AM ET
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The market is a lot more sensitive these days on news. Given the access to social media where anybody can tweet anything or publish any opinion on any news/blog site then one needs to trade with caution. There is nothing wrong with trading while hedging. While any analyst or politician can tell us that the sky falling then that's the time to go long with a hedge. There are some very good deals.
Derek Klardie
Derek Klardie Sep 23, 2019 12:15PM ET
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The only thing that can make the market go up these days is surveys and Hope. Total joke...
Kenny Venezia
Kenny Venezia Sep 23, 2019 11:16AM ET
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are these articles farmed out and written in some middle school
Michael Hill
Michael Hill Sep 23, 2019 11:16AM ET
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I was thinking the same thing.
Kenny Venezia
Kenny Venezia Sep 23, 2019 11:14AM ET
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Nikola Dogovic
Nikola Dogovic Sep 23, 2019 8:38AM ET
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Bank of New York President John Williams (NYSE:WMB) ???????????
Matt Kay
Matt Kay Sep 23, 2019 8:15AM ET
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Wall Street muted after worst day in two days. Are you for real with these titles?
Raoul Duke
Raoul Duke Sep 23, 2019 8:15AM ET
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“Worst day in two weeks” was the title.
Darlington Anikwenwa
Darlington Anikwenwa Sep 23, 2019 8:15AM ET
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futures muted, not wall street muted
 
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