US midday: Stocks pause amid reports of small delay in US-China trade deal
By Alexander Bueso
Date: Wednesday 06 Nov 2019
(Sharecast News) - Stocks were trading in mixed fashion in late trading in New York following a report that a phase one trade deal between Washington and Beijing could be delayed until December.
"Global stocks have remained in consolidation mode, with the optimism of Monday failing to persist as we push through the week. Coming off the back of a highly volatile period, we are finally seeing some calm creep into markets, as traders await a new catalyst to drive another bout of action," said IG analyst Josh Mahony.
"With the sharp Yuan gains also coming to a halt, it is clear that the consolidation seen across global stocks is primarily driven by a lack of trade war progress."
As of 1906 GMT, the Dow Jones Industrials was dipping 0.03% to 27,483.16, with the S&P 500 up 0.03% to 3,075.52 alongside but the Nasdaq Composite down by 0.35% to 8,405.15.
Earlier, citing a senior trump administration official, Reuters reported that a US-China deal might not finally happen, although it was "more likely than not".
Until just a couple of weeks before, a deal had been expected to be inked at the 16-17 Asia Pacific Economic Cooperation forum in Santiago, Chile, which was later cancelled due to the violent protests that had been rocking the South American country's capital.
Reuters also reported that China wanted the US to cancel the 15.0% trade levy on $125.0bn-worth of its goods that kicked-in on 1 September.
A source close to the talks reportedly also told Reuters that China wanted relief from the earlier 25.0% tariff imposed on roughly $250.0bn-worth of its exports to the States.
In the corporate arena, the spotlight was on Xerox Holdings, following a report in the Wall Street Journal that it was mulling a bid for PC and printer manufacturer HP Inc.
Shares of Humana and CVS Health meanwhile were both higher on the back of better-than-expected third quarter profit and revenue figures.
Stock in the New York Times on the other hand skidded lower after posting a 34% drop in third quarter net income and warned investors they should expect a decline in total advertising revenues during the fourth quarter.
For after the close of markets, Qualcomm and Fox Corp. were scheduled to update investors.
And at 2330 GMT, New York Fed President, John Williams, was due to deliver a speech in New York.
Dow Jones - Risers
Procter & Gamble Co. (PG) $120.19 1.08%
McDonald's Corp. (MCD) $194.19 1.05%
Cisco Systems Inc. (CSCO) $48.25 1.03%
Merck & Co. Inc. (MRK) $83.64 0.87%
Verizon Communications Inc. (VZ) $59.99 0.82%
Johnson & Johnson (JNJ) $131.42 0.77%
Coca-Cola Co. (KO) $52.76 0.66%
Travelers Company Inc. (TRV) $132.10 0.63%
Visa Inc. (V) $177.44 0.61%
International Business Machines Corporation (CDI) (IBM) $138.57 0.49%
Dow Jones - Fallers
Walgreens Boots Alliance, Inc. (WBA) $59.67 -2.52%
Exxon Mobil Corp. (XOM) $71.57 -2.09%
Chevron Corp. (CVX) $120.25 -1.38%
3M Co. (MMM) $173.49 -1.01%
Caterpillar Inc. (CAT) $145.27 -0.75%
Boeing Co. (BA) $355.91 -0.66%
Nike Inc. (NKE) $89.46 -0.47%
Microsoft Corp. (MSFT) $143.96 -0.35%
Apple Inc. (AAPL) $256.62 -0.20%
Walt Disney Co. (DIS) $131.26 -0.14%
S&P 500 - Risers
Coty Inc. Class A (COTY) $13.15 14.70%
DaVita Inc (DVA) $70.09 12.25%
HP Inc (HPQ) $20.24 10.00%
CVS Health Corp (CVS) $70.79 5.15%
Humana Inc. (HUM) $305.90 3.78%
AES Corp. (AES) $17.77 3.37%
Lamb Weston Holdings, Inc. (LW) $79.12 2.94%
Ball Corp (BLL) $66.50 2.77%
Western Union Co. (WU) $27.23 2.72%
Xerox Corp. (XRX) $37.35 2.69%
S&P 500 - Fallers
Diamondback Energy Inc. (FANG) $76.88 -14.80%
Sealed Air Corp. (SEE) $38.20 -8.59%
Perrigo Company plc (PRGO) $50.43 -6.87%
Broadridge Fin Sol (BR) $116.42 -5.66%
Microchip Technology Inc. (MCHP) $94.89 -5.13%
Occidental Petroleum Corp. (OXY) $39.83 -4.96%
CBRE Group Inc (CBRE) $52.96 -4.65%
Macy's Inc. (M) $15.98 -4.34%
HollyFrontier Corp (HFC) $53.50 -4.28%
Mosaic Company (MOS) $20.83 -3.81%
Nasdaq 100 - Risers
NetEase Inc. Ads (NTES) $301.60 2.57%
Hologic Inc. (HOLX) $48.98 1.82%
Automatic Data Processing Inc. (ADP) $159.54 1.61%
Amgen Inc. (AMGN) $218.21 1.46%
O'Reilly Automotive Inc. (ORLY) $439.68 1.37%
Starbucks Corp. (SBUX) $82.99 1.34%
Activision Blizzard Inc. (ATVI) $56.25 1.28%
DENTSPLY Sirona Inc. (XRAY) $55.60 1.28%
Mondelez International Inc. (MDLZ) $52.34 1.23%
Henry Schein Inc. (HSIC) $68.54 1.19%
Nasdaq 100 - Fallers
Microchip Technology Inc. (MCHP) $94.89 -5.13%
Qurate Retail Inc. (QRTEA) $9.39 -3.69%
Dish Network Corp. (DISH) $33.48 -3.35%
Wynn Resorts Ltd. (WYNN) $123.04 -2.81%
Walgreens Boots Alliance, Inc. (WBA) $59.67 -2.52%
Maxim Integrated Products Inc. (MXIM) $59.47 -2.30%
Mylan Inc. (MYL) $17.41 -2.16%
Micron Technology Inc. (MU) $47.70 -2.01%
Xilinx Inc. (XLNX) $93.51 -1.98%
Regeneron Pharmaceuticals Inc. (REGN) $326.71 -1.77%
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