US stocks ended near flat and the Dow has snapped a six-day winning streak, as investors paused following a run of gains and fresh worries emerged over the US trade war with China. President Donald Trump said on Tuesday he was holding up a trade deal with China and had no interest in moving ahead, unless Beijing agrees to four or five “major points” which he did not specify.
Separately, Trump said he would impose more tariffs on Chinese imports if there was no progress in talks with Chinese President Xi Jinping at the Group of 20 summit later this month. Stocks were mostly higher in early trading on Tuesday amid lingering optimism over Trump’s decision late on Friday to hold off import tariffs on Mexico. Investors also may be reluctant to push stocks higher without a fresh catalyst for support, some market commentators said.
Data showed US producer prices increased solidly for a second straight month in May, in line with expectations of economists polled by Reuters pointing to a steady pickup in underlying inflation pressures. Industrials and utilities indexes led the way lower Tuesday, with the S&P 500 industrial index falling 0.9 per cent, weighed down by losses in United Technologies and Raytheon.
The Dow Jones Industrial Average fell 14.17 points, or 0.05 per cent, to 26,048.51, the S&P 500 lost 1.01 points, or 0.03 per cent, to 2885.72 and the Nasdaq Composite dropped 0.60 points, or 0.01 per cent, to 7822.57.Morning-Market-Note-Wednesday-12th-June