US close: Stocks finish weaker ahead of US-China trade talks
US stocks finished as they started on Monday - in the red - as market participants looked to a meeting between United States and Chinese trade officials later in the week with a degree of scepticism.
The Dow Jones Industrial Average ended the day down 0.36% at 26,478.02, the S&P 500 was down 0.45% at 2,938.79, and the Nasdaq 100 was 0.37% weaker at 7,725.13.
At the open, the Dow was 64.85 points lower, as stocks continued their recent downward trajectory.
That came after Bloomberg reported that Chinese officials were hesitant to pursue a broad trade deal with the US when negotiations restart on Thursday, while deputy-level talks kicked off on Monday.
Chinese Vice Premier Liu He, who will lead negotiations for China, was alleged to have said his offer to the US would not include commitments on reforming the nation's industrial policy or government subsidies, both of which were among the Trump administration's main demands in the trade talks.
“The resilient economy should have given the US a strong negotiating position for trade talks this week but politics has intervened,” said London Capital Group analyst Jasper Lawler.
"It seems more than a coincidence that China has taken a tough stance in trade talks just as impeachment proceedings begin against President Trump.
“A second whistleblower in the Trump-Ukraine scandal will embolden China even more.”
On the data front, consumer credit growth pared back in August, according to the Federal Reserve, with weaker credit card debt leading the charge.
Total consumer credit grew by $17.9bn year-on-year, making for an annual growth rate of 5.2%, which came in ahead of expectations for an $18.2bn gain.
In corporate news, Visa shares were down 0.61% after the credit card giant launched a partnership with Australian fintech firm Payment Logic.
Nvidia stock was up 1.3%, after rumours began to circulate that its Ampere GPU product would launch in the first half of 2020.
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $221.24 0.66%
Verizon Communications Inc. (VZ) $60.25 0.58%
Cisco Systems Inc. (CSCO) $47.77 0.53%
Walt Disney Co. (DIS) $130.90 0.48%
Boeing Co. (BA) $376.54 0.22%
McDonald's Corp. (MCD) $211.92 0.11%
Nike Inc. (NKE) $93.17 0.11%
Apple Inc. (AAPL) $227.06 0.02%
International Business Machines Corporation (CDI) (IBM*) $143.66 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
Dow Jones - Fallers
3M Co. (MMM) $153.52 -1.48%
Exxon Mobil Corp. (XOM) $68.02 -1.38%
Travelers Company Inc. (TRV) $143.15 -1.25%
Coca-Cola Co. (KO) $53.87 -1.23%
Procter & Gamble Co. (PG) $122.84 -0.94%
Walmart Inc. (WMT) $117.23 -0.79%
Microsoft Corp. (MSFT) $137.12 -0.72%
Merck & Co. Inc. (MRK) $84.39 -0.72%
American Express Co. (AXP) $113.65 -0.66%
Caterpillar Inc. (CAT) $120.25 -0.65%
S&P 500 - Risers
Kohls Corp. (KSS) $48.36 2.50%
Moody's Corp. (MCO) $208.21 2.28%
E*TRADE Financial Corp. (ETFC) $37.22 2.25%
Gap Inc. (GPS) $16.57 2.09%
ConocoPhillips (COP) $54.60 2.06%
Nordstrom Inc. (JWN) $33.07 1.79%
Align Technology Inc. (ALGN) $184.51 1.61%
Mattel Inc. (MAT) $11.20 1.59%
Discovery Inc. Class A (DISCA) $27.38 1.37%
Biogen Inc (BIIB) $226.99 1.33%
S&P 500 - Fallers
Jefferies Financial Group Inc. (JEF) $17.32 -5.87%
Noble Energy Inc. (NBL) $19.72 -4.23%
Harley-Davidson Inc. (HOG) $34.11 -3.56%
Apache Corp. (APA) $21.40 -3.43%
Devon Energy Corp. (DVN) $21.89 -3.14%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $242.75 -3.13%
Dollar Tree Inc (DLTR) $112.16 -3.08%
Abiomed Inc. (ABMD) $164.43 -2.85%
Cimarex Energy Co (XEC) $45.32 -2.81%
Helmerich & Payne Inc. (HP) $37.24 -2.79%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $237.72 2.72%
Workday, Inc. (WDAY) $177.84 2.28%
Qurate Retail Inc. (QRTEA) $9.79 1.71%
Align Technology Inc. (ALGN) $184.51 1.61%
Vodafone Group Plc ADS (VOD) $19.76 1.44%
Biogen Inc (BIIB) $226.99 1.33%
Nvidia Corp. (NVDA) $184.33 1.30%
Amgen Inc. (AMGN) $197.17 0.81%
Hologic Inc. (HOLX) $49.11 0.64%
T-Mobile Us, Inc. (TMUS) $78.48 0.63%
Nasdaq 100 - Fallers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $242.75 -3.13%
Dollar Tree Inc (DLTR) $112.16 -3.08%
Baidu Inc. (BIDU) $101.47 -2.87%
Fastenal Co. (FAST) $31.03 -2.36%
Electronic Arts Inc. (EA) $93.57 -2.13%
Analog Devices Inc. (ADI) $110.84 -1.94%
Broadcom Inc. (AVGO) $276.08 -1.90%
Mercadolibre Inc. (MELI) $548.87 -1.85%
Wynn Resorts Ltd. (WYNN) $107.02 -1.74%
Xilinx Inc. (XLNX) $92.63 -1.71%