NEW YORK, Nov 18 — Wall Street stocks mostly dipped early today as fresh skepticism over US-China trade talks weighed on hopes for a near-term resolution to the grinding conflict.
Analysts cited reports that Chinese officials are intent on staking a “phase one” US-China trade deal on the removal of some tariffs, a condition opposed by the Trump administration.
About 35 minutes into trading, the Dow Jones Industrial Average stood at 28,014.10, up less than 0.1 per cent.
The broad-based S&P 500 had shed 0.1 per cent at 3,116.23, while the tech-rich Nasdaq Composite Index dropped 0.3 per cent to 8,518.12.
Major US indices ended last week at all-time highs, due in part to optimism over US-China trade talks. Shifting sentiment on the trade conflict has influenced market moves for more than a year.
This week’s calendar includes housing economic data and minutes from the most recent Federal Reserve meeting, as well as an array of earnings from retailers, including Macy’s and Target.
Among individual companies, beauty products giant Coty jumped 3.7 per cent after announcing a deal to pay US$600 million (RM2.4 billion) for a majority stake in Kylie Jenner’s cosmetics and skincare company.
HP dropped 1.0 per cent as it rejected a US$33 billion bid from Xerox, saying that it “significantly undervalues” the company but signaling that it was open to a potential deal down the road. Xerox fell 0.6 per cent. — AFP
