Wall Street drops after China cancels visit to Montana farmland
By Noel Randewich (Reuters) - Wall Street dropped on Friday after a Chinese agriculture delegation cancelled a planned visit to Montana next week, dampening optimism about U.S.-China trade talks. The delegates, who had been set to visit U.S. farm states, will return to China sooner than originally scheduled, the Montana Farm Bureau said, pushing the major indexes into negative territory
By Noel Randewich
(Reuters) - Wall Street dropped on Friday after a Chinese agriculture delegation cancelled a planned visit to Montana next week, dampening optimism about U.S.-China trade talks.
The delegates, who had been set to visit U.S. farm states, will return to China sooner than originally scheduled, the Montana Farm Bureau said, pushing the major indexes into negative territory.
The cancellation came as trade talks were held in Washington and U.S. President Donald Trump said he wanted a complete trade deal with the Asian nation, not just an agreement for China to buy more U.S. agricultural goods.
For months, Wall Street has bounced up and down in reaction to often conflicting signs of improvement and deterioration in U.S.-China trade talks, often based on comments or tweets from Trump, a cycle that many investors are becoming accustomed to.
"In this case, it's a bit more concerning because its China making the decision, rather than Trump," said Willie Delwiche, markets strategist at Baird, in Milwaukee.
The most recent bout of 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 were lower with the tariff-sensitive S&P 500 information technology index <.SPLRCT> declining the most, down 0.7%. The Philadelphia chip index <.SOX> fell 1.2%.
At 2:45 pm ET, the Dow Jones Industrial Average <.DJI> was down 0.22% at 27,034.27 points, while the S&P 500 <.SPX> lost 0.20% to 3,000.78.
The Nasdaq Composite <.IXIC> dropped 0.57% to 8,136.16.
Before news of the farm visit cancellation broke, the S&P 500 and Dow Industrials were in positive territory, supported by gains in healthcare stocks <.SPXHC>.
Netflix tumbled 6.2% 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 0.7%
Merck & Co
Markets may be volatile towards the end of the session due to "quadruple witching," where investors unwind positions in futures and options contracts before they expire.
Advancing issues outnumbered declining ones on the NYSE by a 1.14-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favoured decliners.
The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 30 new highs and 38 new lows.
(Additional reporting by Ambar Warrick and Medha Singh in Bengaluru; Editing by Steve Orlofsky)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Arunima Kumar (Reuters) - Aurora Cannabis on Tuesday announced a new round of staff reductions and plans to shut five facilities over the next two quarters, as the COVID-19 pandemic pummels the cash-crunched cannabis industry. For most marijuana companies in Canada, which legalized recreational cannabis in October 2018, profits have proven elusive due to fewer-than-expected retail stores, cheaper rates on the black market and slow overseas growth. The industry has been further hit by the COVID-19 crisis, which has also upended financial markets, making it harder to get investor dollars
NEW DELHI (Reuters) - India has imposed an anti-dumping duty on flat rolled steel products that are plated or coated with alloy of aluminium and zinc originating in, or from China, Vietnam and South Korea, according to a government order https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2020/cs-add2020/csadd16-2020.pdf issued on Tuesday. The duty will be in the range of $13.07-$173.10 per tonne for 5 years, according to the statement
By Diptendu Lahiri (Reuters) - Gold prices surged to their highest since October 2012 on Tuesday, driven by a weakness in the U.S. dollar and widespread monetary stimulus packages by central banks as a jump in coronavirus cases dents the economic outlook