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US STOCKS-Wall St little changed but report trade deal could be delayed weighs

Published 11/07/2019, 03:09 AM
Updated 11/07/2019, 03:16 AM
US STOCKS-Wall St little changed but report trade deal could be delayed weighs
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* U.S.-China trade meeting may be delayed until December
* Indexes: Dow down 0.01%, S&P down 0.01%, Nasdaq down 0.3%

(Updates to afternoon)
By Caroline Valetkevitch
NEW YORK, Nov 6 (Reuters) - U.S. stocks were near flat on
Wednesday as a report that the U.S.-China deal could be delayed
until December increased worries about how long the trade war
will go on, while healthcare shares supported the market.
A senior official of the Trump administration told Reuters 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 also on pause 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.
Humana Inc HUM.N rose 3.9% as the health insurer reported
quarterly profit that beat estimates on higher sales of its
government-backed Medicare Advantage health plans. CVS Health Corp CVS.N gained 4.9% after the pharmacy chain
posted a better-than-expected quarterly profit, boosted by its
Aetna health insurance business and pharmacy benefit management
unit.
The Dow Jones Industrial Average .DJI fell 2.91 points, or
0.01%, to 27,489.72, the S&P 500 .SPX lost 0.21 points, or
0.01%, to 3,074.41 and the Nasdaq Composite .IXIC dropped
28.29 points, or 0.34%, to 8,406.39.
The recent rally had been fueled by signs of progress in the
U.S.-China trade talks and a mostly upbeat earnings season.
The S&P 500 energy index .SPNY fell 2.3% following
declines in oil prices, while the S&P health care .SPLRCT was
up 0.6%.
Match Group Inc MTCH.O slumped 4.9% as the Tinder owner
forecast fourth-quarter revenue below estimates in the face of
stiff competition from rival online dating services. Its parent
firm, IAC/InterActiveCorp IAC.O , dropped 4.7%. Declining issues outnumbered advancing ones on the NYSE by a
1.16-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored decliners.
The S&P 500 posted 11 new 52-week highs and two new lows;
the Nasdaq Composite recorded 62 new highs and 53 new lows.

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