Published: Sun, November 17, 2019
Markets | By Otis Pena

Markets Right Now: S&P 500, Dow lower as tech falters

Markets Right Now: S&P 500, Dow lower as tech falters

The latest milestones came after the market bounced back from a late-afternoon slide that coincided with a published report that highlighted snags in the ongoing U.S.

Investors are still awaiting more details on the status of trade talks between the US and China.

While the market has been sensitive to the swings in the trade talks, the latest speculation did not put most investors in a selling mood.

Washington and Beijing have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment. "Until something is announced, yay or nay, it probably doesn't make much sense to trade on it, especially when President Trump himself has tweeted out that talks are going well".

As of writing, the Dow Jones Industrial Average was up 0.23% on the day while the S&P 500 and the Nasdaq Composite were both adding 0.5% and flirting with all-time highs. The index had briefly been down around 100 points.

At 8:46 a.m. ET, Dow e-minis were down 55 points, or 0.2%. The S&P 500 lost 1.76 points, or 0.06 per cent, to 3,092.31.

Major U.S. stock indexes finished the day near where they ended Wednesday after a disappointing forecast from Cisco Systems sent shares of the networking giant sharply lower.

The Fed cut short-term rates last month for the third time this year, to a range of 1.5% to 1.75%, in a bid to shield the economy from slower global growth and the U.S. The central bank has signaled that it's done lowering rates, for now, unless the USA economy shows any major signs of trouble.

"Most people going in pretty much assumed that the Fed is now on hold", Stovall said. They would hit some popular consumer products, such as electronic devices. President Donald Trump has been dismissive about any change to tariffs while negotiations continue.

Sportsnet apologizes for Don Cherry's anti-immigrant comments
Could you imagine what Cherry would have said about her on Saturday night? But Allen wasn't having any of it. "It's the two words that got it, as you know, people are sensitive like that", Cherry told Carlson.


In a goodwill gesture of sorts, on Thursday China lifted a 4-year ban on US poultry products. The move sent shares in processed food companies higher.

Its results pointed to strong domestic consumer demand, ahead of a crucial retail sales report on Friday. China is also reportedly wary about committing to specific farm purchases from the U.S.

Weakness in bank stocks and retailers is being offset Wednesday by gains in technology companies and other sectors. Demand for bonds also increased, sending bond yields lower.

"We have on display this front end of the economy, the USA consumer, that remains resilient and remains in a healthy place in front of a very key holiday spending time frame for the economy", said Margaret Reid, senior portfolio manager at The Private Bank at Union Bank in San Francisco.

Cisco fell 6.4% early Thursday.

QUITE A JOLT: Shares in Energizer Holdings (ENR) jumped 15.1% after the battery and personal care products maker's latest quarterly results handily beat Wall Street's forecasts. Boeing rose 1.4% and Netflix climbed 2.3%.

Benchmark crude oil rose 32 cents to $57.12 a barrel.

Brent crude oil, the worldwide standard, picked up 30 cents to $62.58 a barrel. Wholesale gasoline fell 2 cents to $1.62 per gallon.

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