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US STOCKS-Wall St slips following report trade deal could be delayed

Published 11/07/2019, 01:23 AM
Updated 11/07/2019, 01:24 AM
US STOCKS-Wall St slips following report trade deal could be delayed
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* U.S.-China trade meeting may be delayed until December
* Indexes: Dow down 0.1%, S&P down 0.1%, Nasdaq down 0.5%

(Updates to midday)
By Caroline Valetkevitch
NEW YORK, Nov 6 (Reuters) - U.S. stocks slipped on Wednesday
following a Reuters report the U.S.-China trade deal could be
delayed until December.
A senior official of the Trump administration said a meeting
between U.S. President Donald Trump and Chinese President Xi
Jinping to sign a long-awaited interim trade deal could be
delayed until December, as discussions continue over terms and a
venue. Stocks were mostly flat before the report, pausing after
their recent run to record highs.
The year end is typically a bullish time for stocks, but the
trade war is still a risk, said Quincy Krosby, chief market
strategist at Prudential Financial in Newark, New Jersey.
Also, "there's been concern the market was moving toward
overbought conditions," she said.
The Dow Jones Industrial Average .DJI fell 36.34 points,
or 0.13%, to 27,456.29, the S&P 500 .SPX lost 3.93 points, or
0.13%, to 3,070.69 and the Nasdaq Composite .IXIC dropped
39.58 points, or 0.47%, to 8,395.10.
The recent rally had been fueled by signs of progress in
trade talks between the United States and China and a mostly
upbeat earnings season.
The S&P 500 energy index .SPNY fell 1.9% following
declines in oil prices, while the S&P tech index .SPLRCT was
down 0.2%.
Declining issues outnumbered advancing ones on the NYSE by a
1.24-to-1 ratio; on Nasdaq, a 1.78-to-1 ratio favored decliners.
The S&P 500 posted 11 new 52-week highs and 1 new low; the
Nasdaq Composite recorded 55 new highs and 48 new lows.



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