Wall Street nudge up as investors await U.S.-China trade clarity

By Sinéad Carew NEW YORK (Reuters) - Wall Street's main indexes were very slightly higher on Monday after closing at records on Friday and investors digested mixed headlines on U.S.-China trade relations. The market appeared to welcome Washington's grant of an extension for U.S. companies to do business with Huawei since the Chinese telecommunications equipment maker was put on a U.S.

Reuters November 19, 2019 02:05:32 IST
Wall Street nudge up as investors await U.S.-China trade clarity

Wall Street nudge up as investors await USChina trade clarity

By Sinéad Carew

NEW YORK (Reuters) - Wall Street's main indexes were very slightly higher on Monday after closing at records on Friday and investors digested mixed headlines on U.S.-China trade relations.

The market appeared to welcome Washington's grant of an extension for U.S. companies to do business with Huawei since the Chinese telecommunications equipment maker was put on a U.S. blacklist in May.

But also on investors minds was a CNBC report that the mood about a potential trade deal was pessimistic in Beijing due to President Donald Trump's reluctance to roll back tariffs.

This was after Chinese state media said on Saturday that the two sides had held "constructive" trade talks, days after White House economic adviser Larry Kudlow said they were close to a deal.

"We keep getting told we have this deal and it has yet to be finalised and then you get these reports going in the other direction," said Michael O’Rourke, chief market strategist at JonesTrading in Stamford, Connecticut. "Investors are being patient because they don't want to chase new all times highs too far until they have clarity on trade."

At 2:33 p.m. ET, the Dow Jones Industrial Average <.DJI> rose 33.4 points, or 0.12%, to 28,038.29, the S&P 500 <.SPX> gained 3.26 points, or 0.10%, to 3,123.72 and the Nasdaq Composite <.IXIC> added 15.72 points, or 0.18%, to 8,556.55.

Seven of the 11 major S&P 500 sectors were trading higher, with defensives such as utilities <.SPLRCU>, real estate <.SPLRCR> and consumer staples <.SPLRCS>, also known as bond proxies due to their high dividend yields, leading the percentage gains.

The energy sector <.SPNY> was the biggest percentage loser dropping 1.32% as oil prices fell. [O/R]

Later this week, investors will turn their attention to minutes from the Federal Reserve's latest policy meeting, where the central bank cut interest rates for the third time this year. Also ahead are results from U.S. retailers, including Home Depot Inc , Kohl's Corp and Target Corp .

Shares of HP Inc fell 1.51% after the company rebuffed a $33.5 billion offer from Xerox Holdings Corp and said it was open to exploring a bid for the latter.

Coty Inc gained 2.18% after the cosmetics maker said it would pay $600 million for a majority stake in Kylie Jenner's make-up and skincare businesses.

The S&P 500 posted 37 new 52-week highs and no new lows; the Nasdaq Composite recorded 95 new highs and 115 new lows.

(Additional reporting by Arjun Panchadar and Agamoni Ghosh in Bengaluru; Editing by Arun Koyyur and Steve Orlofsky)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

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

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

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.