Wall Street drops after China cancels trip to Montana farmland
By Noel Randewich (Reuters) - Wall Street dropped on Friday, and also finished the week lower, after a Chinese agriculture delegation cancelled a planned visit to Montana, dampening optimism about U.S.-China trade talks. The delegates, who had been set to visit U.S
By Noel Randewich
(Reuters) - Wall Street dropped on Friday, and also finished the week lower, after a Chinese agriculture delegation cancelled a planned visit to Montana, dampening optimism about U.S.-China trade talks.
The delegates, who had been set to visit U.S. farm states next week, will return to China sooner than originally scheduled, the Montana Farm Bureau said.
Major stock indexes fell into negative territory after the cancellation, which came as trade talks were held in Washington and U.S. President Donald Trump said he wanted a complete trade deal, not just an agreement for China to buy more U.S. agricultural goods. Before the news, the S&P 500 and Dow industrials were in positive territory.
For months, Wall Street has bounced up and down with signs of improvement or deterioration in trade talks, often based on comments or tweets from Trump, a cycle investors have grown accustomed to.
"In this case, it's a bit more concerning because it's China making the decision, rather than Trump," said Willie Delwiche, markets strategist at Baird in Milwaukee.
Trade optimism in recent weeks helped elevate the S&P 500 <.SPX> to just shy of its all-time high hit in July.
Eight of the 11 major S&P sectors fell on Friday. The S&P 500 consumer discretionary index <.SPLRCD> and tariff-sensitive S&P 500 information technology index <.SPLRCT> declined the most, down 1.2% and 1.1%, respectively. The Philadelphia chip index <.SOX> slid 1.8%.
The Dow Jones Industrial Average <.DJI> fell 0.59% to end the week at 26,934.46 points, while the S&P 500 <.SPX> lost 0.49% to 2,991.99.
The Nasdaq Composite <.IXIC> dropped 0.8% to 8,117.67.
For the week, the S&P 500 fell 0.52%, the Dow lost 1.05% and the Nasdaq declined 0.72%.
Netflix tumbled 5.5% after CEO Reed Hastings made comments underscoring growing costs and rising competition from Walt Disney Co
Adding to Netflix's woes, Evercore ISI said recent data painted an uncertain picture of the company's international subscriber growth.
The S&P 500 healthcare index <.SPXHC>, which has been the worst performing S&P sector this year, clocked the biggest gain among the 11 major sectors, up 0.6%.
Merck & Co
Advancing issues outnumbered declining ones on the NYSE by a 1.01-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favoured decliners.
The S&P 500 posted 22 new 52-week highs and no new lows; the Nasdaq Composite recorded 47 new highs and 51 new lows.
With investors unwinding positions in futures and options contracts before they expire, volume on U.S. exchanges was 9.8 billion shares, compared with a 7.1 billion-share average over the last 20 trading days.
(Additional reporting by Ambar Warrick and Medha Singh in Bengaluru; Editing by Steve Orlofsky and David Gregorio)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Stephen Nellis (Reuters) -Apple Inc on Monday said it will offer the ability to store state-issued identification cards digitally on iPhones and that it is working with the U.S. Transportation Security Administration to accept the digital IDs at airports, one of several updates to the software that runs on its devices. It also showed updates to its FaceTime video chat app, adding the ability to schedule calls with multiple attendees and making the software compatible with Android and Windows devices.
LONDON (Reuters) - The bosses of all airlines flying passenger services between Britain and the United States called on Monday for the countries' governments to relax COVID-19 restrictions to reopen travel routes between the two countries. After more than a year of restrictions, the CEOs of American Airlines, IAG unit British Airways, Delta Air Lines, United Airlines and JetBlue Airways Corp said high vaccination rates in both countries meant travel could restart safely. The push for reopening trans-Atlantic routes on Monday comes ahead of meetings between U.S.
BRUSSELS (Reuters) - The European Union's patience towards Britain over Brexit arrangements in Northern Ireland is wearing thin and the bloc will consider its options should Britain continue its "confrontational path", an EU official said on Monday.