Wall St. Flat As U.S.-China Trade Deal Optimism Fades

www.oann.com | 10/9/2019 | Staff
townskey13 (Posted by) Level 3
(Reuters) – U.S. stocks halted a three-day winning streak on Monday, as oil prices dived 2% and rising doubts over how quickly a partial U.S.-China trade deal announced on Friday could be sealed.

The S&P 500 and Dow Jones indexes had ended Friday with their first weekly gain in a month after Washington signaled the two sides had taken a major step in easing the ****-for-tat measures that have hammered global growth this year.

Trump - Agreement - Handful - Media - Reports

Trump, however, acknowledged the agreement could still collapse and a handful of media reports and comments from Treasury Secretary Steven Mnuchin left investors feeling less upbeat about what had really been achieved.

Mnuchin said in a CNBC interview that he had “every expectation” that if a U.S.-China trade deal was not in place by Dec. 15, additional tariffs would be imposed, although he said he expected a deal to be agreed by then.

Shares - Companies - Exposure - China - Nvidia

Shares of companies with a sizeable exposure to China, including Nvidia Corp , Advanced Micro Devices Inc and Micron Technology Inc , slipped slightly in early trading after gaining on Friday. The Philadelphia Semiconductor index was off 0.3%.

“It’s more of the fact that it was a handshake deal,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Friday - Highs - Day - Investors - While

“On Friday, we closed off the highs of the day as investors began to realize that while on the surface this is good news, there’s no substance to the deal just yet.”

At 10:00 a.m. ET, the Dow Jones Industrial Average was up 6.03 points, or 0.02%, at 26,822.62,...
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