Wall St. falls as health, tech shares drag, tariff deadline looms
By Lewis Krauskopf (Reuters) - U.S.
By Lewis Krauskopf
(Reuters) - U.S. stocks pulled back on Monday from near record levels, dragged lower by healthcare and technology shares, as investors braced for a busy week of political and economic news including a potential turning point in the U.S.-China trade dispute.
Wall Street is focussed on Dec. 15, when the next round of U.S. tariffs on Chinese imports is scheduled to take effect. China said on Monday that it hoped to make a trade deal with the United States as soon as possible.
Investor hopes of at least an initial U.S.-China agreement has helped pushed major stock indexes to record highs, with the benchmark S&P 500 <.SPX> hovering about 0.5% below its all-time high.
“It’s not uncommon for stocks to pause, given where they are, in advance of some news,” said Willie Delwiche, investment strategist at Baird in Milwaukee.
“We get the chance to see whether or not the rally we have had in U.S. stocks is warranted from a fundamental perspective and whether or not we are still moving in the right direction,” Delwiche said.
Aside from U.S.-China trade developments, investors will focus this week on the U.S. Federal Reserve's policy meeting, an election in the United Kingdom, and potential agreement related to a North American trade pact.
The Dow Jones Industrial Average <.DJI> fell 83.53 points, or 0.3%, to 27,931.53, the S&P 500 <.SPX> lost 7.06 points, or 0.22%, to 3,138.85 and the Nasdaq Composite <.IXIC> dropped 22.37 points, or 0.26%, to 8,634.16.
Most of the S&P 500 sectors were lower, with healthcare <.SPXHC> and tech <.SPLRCT> weighing the most on the index.
In company news, Merck & Co
Shares of industrial conglomerate 3M Co
Advancing issues outnumbered declining ones on the NYSE by a 1.03-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favoured decliners.
The S&P 500 posted 23 new 52-week highs and 1 new low; the Nasdaq Composite recorded 83 new highs and 49 new lows.
(Additional reporting by Shreyashi Sanyal and Medha Singh in Bengaluru; Editing by Anil D'Silvan and Steve Orlofsky)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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