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 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.