Wall Street treads water with tariff deadline in focus
By Shreyashi Sanyal (Reuters) - Wall Street's main indexes treaded water on Monday, with investors keeping a close watch on headlines around U.S.-China trade as planned tariffs on Chinese imports kick in on Dec. 15. Beijing and Washington are negotiating a first phase trade deal aimed at de-escalating tariff disputes but they continue to wrangle over key details.
By Shreyashi Sanyal
(Reuters) - Wall Street's main indexes treaded water on Monday, with investors keeping a close watch on headlines around U.S.-China trade as planned tariffs on Chinese imports kick in on Dec. 15.
Beijing and Washington are negotiating a first phase trade deal aimed at de-escalating tariff disputes but they continue to wrangle over key details.
However, markets are still hoping for a delay in the deadline, while expecting more positive gestures from both sides.
"There is optimism about the potential of a roll back or some positive news on trade that is keeping stocks where they are," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
"But as always it ultimately depends on what we get from President Donald Trump or China on what might be going on with the trade deal."
The latest data from China showed exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from trade tensions.
The S&P 500 came within striking distance of a record high hit two weeks ago. The three indexes are now less than 1% away from their all-time high.
The Dow Jones Industrial Average <.DJI> was down 54.79 points, or 0.20%, at 27,960.27, the S&P 500 <.SPX> was down 1.51 points, or 0.05%, at 3,144.40 and the Nasdaq Composite <.IXIC> was down 3.44 points, or 0.04%, at 8,653.09.
Also in focus is the Federal Open Market Committee's two-day policy meeting, which starts on Tuesday.
Pressuring the Dow was 3M Co
Apple suppliers Qorvo Inc
Merck & Co
Advancing issues outnumbered decliners by a 1.37-to-1 ratio on the NYSE and by a 1.07-to-1 ratio on the Nasdaq.
The S&P index recorded 21 new 52-week highs and one new low, while the Nasdaq recorded 73 new highs and 31 new lows.
(Reporting by Shreyashi Sanyal and Medha Singh in Bengaluru; Editing by Bernard Orr and Anil D'Silva)
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.