US close: Stocks marginally higher ahead of Trump face-off with Xi
US stocks finished just above the waterline on Tuesday as investors geared up for the first bilateral meeting between President Trump and Chinese counterpart Xi Jinping.
Dow Jones I.A.
38,686.32
04:30 15/10/20
Nasdaq 100
18,536.65
12:15 31/05/24
The Dow Jones Industrial Average finished up 0.19% 20,689.24, the S&P 500 added 0.06% to 2,360.16, and the Nasdaq 100 was 0.15% higher at 5,440.41.
Investors were holding out making big investments as they looked ahead to Thursday’s summit at Trump’s Mar-a-Lago resort in Florida where the two leaders are expected to talk about trade and reigning in North Korea’s nuclear ambitions.
Trump has already tweeted that he expects the meeting to be “very difficult” as the US can no longer have “massive trade deficits”.
During the presidential campaign he railed against the US’s $500bn yearly trade deficit, which China contributes more than $300bn to, and called China a currency manipulator.
Trade balance figures released on Tuesday revealed that that US trade fell sharply in February as imports from China fell and exports rose for a third straight month.
The deficit shrank to $43.6bn last month from $48.2bn in January, while exports rose 0.2% to $192.9bn and imports fell 1.8% to $236.4bn.
Chinese imports to the US were down $8.6bn with the trade deficit with China declining 26.6% to $23bn.
In a recent interview with the Financial Times, he also said that he would use trade as leverage to get China to deal with North Korea’s nuclear weapon capabilities.
FXTM research analyst Lukman Otunuga said: “Wall Street may be in store for further punishment moving forward as risk-off is the name of the game ahead of the meeting between Donald Trump and Chinese president Xi Jinping.
“While the fanatical optimism over Trump’s proposed fiscal policies boosting US growth has fueled the phenomenal stock market rally, the rising protectionist fears and concealed concerns over the pro-growth agenda falling short of expectations could start an unexpected sell-off”.
In fresh data, US factory orders rose 1% as expected in February after a 1.5% rise in January, which was revised up from 1.2%.
On the corporate front, NewLink Genetics plunged 9.96% after investors questioned how effective the company’s melanoma drug is compared to rival Merck’s similar drug Keytruda, after results for a phase two study.
Conn's Inc soared 28.99%, a six week high, after the Texas retailer reported an unexpected fourth quarter profit.
Staples climbed 9.82% after the Wall Street Journal reported that the stationery giant was exploring a possible sale.
Acuity Brands tumbled 14.77% after the electronics manufacturer missed second quarter earnings and revenue forecasts.
Coupa Software fell 2.23% after a 180-day lock-up expired on Tuesday allowing shareholders to sell for the first time since its IPO last October.
Looking ahead to the rest of the week, Wednesday sees the release of the latest minutes from the Federal Open Market Committee, while Friday's highlight will be the non-farm payrolls report.
Dow Jones - Risers
Caterpillar Inc. (CAT) $94.13 2.02%
Boeing Co. (BA) $178.70 1.16%
United Technologies Corp. (UTX) $112.99 0.95%
Chevron Corp. (CVX) $108.66 0.80%
Apple Inc. (AAPL) $144.77 0.74%
Coca-Cola Co. (KO) $42.68 0.64%
General Electric Co. (GE) $30.02 0.47%
Exxon Mobil Corp. (XOM) $82.37 0.37%
Intel Corp. (INTC) $36.28 0.33%
Merck & Co. Inc. (MRK) $63.67 0.32%
Dow Jones - Fallers
Nike Inc. (NKE) $55.04 -0.94%
Visa Inc. (V) $88.78 -0.65%
Cisco Systems Inc. (CSCO) $33.41 -0.51%
American Express Co. (AXP) $78.26 -0.42%
Unitedhealth Group Inc. (UNH) $164.99 -0.37%
3M Co. (MMM) $190.19 -0.28%
McDonald's Corp. (MCD) $129.29 -0.25%
JP Morgan Chase & Co. (JPM) $87.31 -0.24%
Home Depot Inc. (HD) $146.34 -0.19%
Walt Disney Co. (DIS) $113.04 -0.14%
S&P 500 - Risers
Staples Inc. (SPLS) $9.51 9.82%
Southwestern Energy Co. (SWN) $8.58 8.87%
Chesapeake Energy Corp. (CHK) $6.32 6.76%
Vertex Pharmaceuticals Inc. (VRTX) $112.29 4.50%
Range Resources Corp. (RRC) $29.76 4.17%
Frontier Communications Co. (FTR) $2.13 4.15%
CF Industries Holdings Inc. (CF) $29.23 2.85%
EQT Corp. (EQT) $62.38 2.48%
Cabot Oil & Gas Corp. (COG) $24.58 2.37%
Freeport-McMoRan Inc (FCX) $13.53 2.27%
S&P 500 - Fallers
Nvidia Corp. (NVDA) $100.78 -7.01%
Nordstrom Inc. (JWN) $43.92 -5.51%
Ralph Lauren Corp (RL) $77.75 -4.46%
L Brands Inc (LB) $43.77 -4.43%
Borg Warner Inc. (BWA) $38.69 -4.09%
Kohls Corp. (KSS) $37.69 -3.73%
American Airlines Group (AAL) $40.90 -3.65%
Urban Outfitters Inc. (URBN) $22.49 -3.06%
Whirlpool Corp. (WHR) $165.61 -2.99%
Signet Jewelers Ltd (SIG) $66.22 -2.75%
Nasdaq 100 - Risers
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $50.43 13.30%
Vertex Pharmaceuticals Inc. (VRTX) $112.29 4.50%
Liberty Interactive Corporation QVC Group (QVCA) $20.42 2.25%
Incyte Corp. (INCY) $141.55 2.19%
Akamai Technologies Inc. (AKAM) $59.30 2.07%
Shire Plc Ads (SHPG) $177.25 1.76%
J.B. Hunt Transport Services Inc. (JBHT) $91.96 1.75%
Tesla Inc (TSLA) $303.70 1.74%
Amazon.Com Inc. (AMZN) $906.83 1.72%
Skyworks Solutions Inc. (SWKS) $99.35 1.67%
Nasdaq 100 - Fallers
Nvidia Corp. (NVDA) $100.78 -7.01%
NetEase Inc. Ads (NTES) $273.09 -4.25%
American Airlines Group (AAL) $40.90 -3.65%
TripAdvisor Inc. (TRIP) $41.64 -2.64%
Ross Stores Inc. (ROST) $63.66 -2.33%
Mattel Inc. (MAT) $24.97 -2.23%
Hasbro Inc (HAS) $97.85 -1.75%
JD.com, Inc. (JD) $31.44 -1.50%
Hologic Inc. (HOLX) $42.42 -1.42%
Dentsply International Inc. (XRAY) $61.78 -1.37%