The S&P 500 and Nasdaq stock indexes fell from record highs on Monday as uncertainty about progress in US-China trade talks again rose to the fore following comments by President Donald Trump, while a jump in Boeing shares helped the Dow Jones Industrial Average eke out a slim gain.
Investor hopes of a ‘phase one’ trade deal have been a key factor supporting stocks recently, but Trump said on Saturday that the US would only make a trade deal if it was the ‘right deal’ for America, adding that the talks had moved more slowly than he would have liked.
Violence in Hong Kong during protests also cast a shadow on sentiment after the three major averages posted all-time closing highs on Friday, and the benchmark S&P 500 tallied its fifth week of gains in a row. Investors will be watching for any trade commentary from Trump on Tuesday, when he is expected to speak at The Economic Club of New York.
The Dow Jones Industrial Average rose 10.25 points, or 0.04 per cent, to 27,691.49, the S&P 500 lost 6.07 points, or 0.20 per cent, to 3,087.01 and the Nasdaq Composite dropped 11.04 points, or 0.13 per cent, to 8,464.28. Shares of Boeing Co jumped 4.5 per cent to $366.96 after the planemaker said it expected US regulators to approve the return to commercial service of its grounded 737 MAX jet in the coming weeks, and expects commercial service to resume in January.Morning-Market-Note-Tuesday-12th-November