NEW YORK– Stocks turned decently lower Monday afternoon as a choppy day of trading on Wall Street put the marketplace on track to extend its losses from last week.
Technology stocks, companies that count on customer costs and savings account for much of the broad slide, balancing out gains in interaction services stocks and utilities. Bond yields increased.
The market is coming off a three-week skid following a combined batch of financial data that stoked investors’ concerns that a slowdown in U.S. economic development could worsen. Recently, the S&P 500 posted its very first back-to-back losses of 1 percent this year as surprisingly weak numbers in studies of production and service industries raised concerns that the economy might slip into an economic downturn.
The long-running and costly trade war between the U.S. and China remains an essential source of unpredictability for markets, which have been unpredictable in reaction to the ups and downs in the conflict.
Washington and Beijing are preparing for a brand-new round of trade talks this week. Envoys from both countries are meeting in their most current bid to put an end to the disagreement that is stunting international financial development and spooking the stock market.
The S&P 500 was down 0.2 percent since 3:22 p.m. Eastern time. The Dow Jones Industrial Average slid 37 points, or 0.1 percent, to 26,536. The Nasdaq dropped 0.1 percent and the Russell 2000 index of smaller companies lost 0.1 percent.
Major stock indexes in Europe closed broadly higher. Stocks in Asia ended combined. Chinese markets are due to reopen on Tuesday after a weeklong break.
Bond prices fell, pushing the yield on the 10-year Treasury increased to 1.55 percent from 1.51 percent late Friday.
The market is coming off 3 straight weekly losses. Investors digested a series of mostly frustrating financial reports last week that showed the U.S.-China trade war is injuring manufacturing and threatening U.S. economic development. Some of those worries were allayed on Friday when a federal government jobs report revealed that companies are still adding jobs at a healthy clip and that the national unemployment rate dropped to a five-decade low.
Still, last week marked the third weekly loss in a row for the broader market as the trade war takes its toll on confidence.
The combination of unpredictability over the trade war and the impeachment questions drama unfolding in Washington is most likely to continue to drag out the U.S. economy, stated Tony Roth, primary financial investment officer at Wilmington Trust.
“And that’s why the marketplaces are treading water today, waiting to see if another shoe drops,” Roth said.
Broadcom led the slide in innovation stocks, dropping 1.8 percent.
Drink business fell amidst a sell-off in consumer item makers. Constellation Brands fell 2.2 percent and PepsiCo dropped 1.2 percent.
Numerous big retailers likewise fell. Dollar Tree moved 3 percent and Ulta Beauty lost 2.8 percent.
Financial sector stocks headed lower, quiting early gains. Wells Fargo moved 0.6 percent and Progressive dropped 1.6 percent.
Discovery led the gains in the communication services sector. The stock rose 1.8 percent.
General Motors has actually lost almost 10 percent of its worth considering that contract negotiations with the now striking United Auto Workers started to fail. The circumstance has taken another bad turn as negotiations struck a snag over item commitments for U.S. factories.
Workers were cautioned by United Auto Workers vice president Terry Dittes on Sept. 6 that bargaining was moving slowly. Employees moved to picket lines on Sept. 16, debilitating the company’s factories and speeding up stock losses.
In spite of the labor problems, General Motor’s stock is still up 4.8 percent for the year, though that is far behind competitor Ford’s 13.8 percent annual gain.
Fox increased 0.6 percent after the business settled a dispute with Dish Network over carriage of Fox’s local TV stations and cable television sports networks. Dish pulled the broadcast network from 17 markets in September.
ConocoPhillips climbed up 2.7 percent after the energy business raised its quarterly dividend by 38 percent and will redeem $3 billion of its stock in 2020.
Innovation stocks, business that rely on consumer spending and banks accounted for much of the broad slide, offsetting gains in communication services stocks and energies. The S&P 500 was down 0.2 percent as of 3:22 p.m. Eastern time. The Dow Jones Industrial Average moved 37 points, or 0.1 percent, to 26,536. General Motors has actually lost nearly 10 percent of its value given that agreement negotiations with the now striking United Auto Workers began to fail. Fox increased 0.6 percent after the business settled a disagreement with Dish Network over carriage of Fox’s local TV stations and cable television sports networks.