Wall Street dips as whistleblower report adds to investor caution
By Caroline Valetkevitch NEW YORK (Reuters) - U.S. stocks slipped on Thursday as the release of a whistleblower report tied to the Democrats' impeachment move against President Donald Trump kept uncertainty high, while trade comments from China's top diplomat helped to limit losses. The S&P 500 briefly turned higher late in the session after China's state councillor and foreign minister said China was willing to buy more U.S.
By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks slipped on Thursday as the release of a whistleblower report tied to the Democrats' impeachment move against President Donald Trump kept uncertainty high, while trade comments from China's top diplomat helped to limit losses.
The S&P 500 briefly turned higher late in the session after China's state councillor and foreign minister said China was willing to buy more U.S. products. Wang Yi, in response to questions from Reuters, said the Trump administration had shown goodwill by waiving tariffs on many Chinese products.
Earlier in the day, the released whistleblower report alleged that Trump not only abused his office in attempting to solicit foreign interference in the 2020 U.S. election, but that the White House also tried to "lock down" evidence about that conduct. The report is seen as central to the Democrats' impeachment inquiry.
The impeachment push has added to recent market volatility.
For the market, "whether it turns into something more comes down to how consumers respond. Without that, it's likely short- term volatility and not much else," said Willie Delwiche, investment strategist at Robert W. Baird in Milwaukee.
The Dow Jones Industrial Average <.DJI> fell 79.59 points, or 0.3%, to 26,891.12, the S&P 500 <.SPX> lost 7.25 points, or 0.24%, to 2,977.62 and the Nasdaq Composite <.IXIC> dropped 46.72 points, or 0.58%, to 8,030.66.
Investors also digested a Bloomberg report that the United States is unlikely to extend a waiver allowing American firms to supply China's Huawei Technologies Co Ltd.
The S&P energy sector <.SPNY> was down 1.3%, while defensive sectors, including utilities <.SPLRCU>, were among the best-performing groups.
Shares of fitness startup Peloton Interactive Inc
Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 2.11-to-1 ratio favoured decliners.
The S&P 500 posted 33 new 52-week highs and 5 new lows; the Nasdaq Composite recorded 29 new highs and 112 new lows.
Volume on U.S. exchanges was 6.11 billion shares, compared with the 7.2 billion average for the full session over the last 20 trading days.
(Additional reporting by Ambar Warrick and Medha Singh in Bengaluru; Editing by Nick Zieminski and Dan Grebler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.