- Title: Stocks pause on unsettled trade deal; earnings eyed
- Date: 14th October 2019
- Summary: RICHMOND, VIRGINIA, UNITED STATES (OCTOBER 14, 2019) (REUTERS VIA SKYPE) (SOUNDBITE) (English) RIVERFRONT INVESTMENT GROUP CHIEF MARKET STRATEGIST, KEVIN NICHOLSON, SAYING: "I think that right now what you are seeing in the stock market is trying to figure out exactly what the phase one of the trade deal actually entails. And I think that's why you are basically seeing stocks flat today. Also, we are going into earnings season, and I think that stocks are just trying to find their footing right before we start kicking off earnings season tomorrow."
- Embargoed: 28th October 2019 20:35
- Keywords: NYSE closing bell stocks Wall Street earnings China trade deal
- Location: NEW YORK, NEW YORK + RICHMOND, VIRGINIA, UNITED STATES
- City: NEW YORK, NEW YORK + RICHMOND, VIRGINIA, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA002B12MPHP
- Aspect Ratio: 16:9
- Story Text: Wall Street edged lower on Monday (October 14) as uncertainties following recent U.S.-China trade negotiations clouded sentiment and investors turned their focus on the third-quarter earnings season, which begins in earnest on Tuesday (October 15).
All three major U.S. stock averages closed in the red, snapping a three-day winning streak during which the benchmark S&P 500 gained 2.7%.
Hopes dimmed that recent trade negotiations between the United States and China would bear fruit, as China indicated further talks were needed and U.S. Treasury Secretary Steven Mnuchin said the next round of tariffs on Chinese imports are on track to go into effect on Dec. 15 if a deal has not been reached by then.
Third-quarter reporting season hits the road running on Tuesday, with major U.S. banks expected to report a 1.2% decline in earnings, their first year-on-year drop in three years, due in part to low interest rates and trade tensions.
The Dow Jones Industrial Average fell 29.23 points, or 0.11%, to 26,787.36, the S&P 500 lost 4.09 points, or 0.14%, to 2,966.18 and the Nasdaq Composite dropped 8.39 points, or 0.1%, to 8,048.65.
Of the 11 major sectors in the S&P 500, all but real estate and financials lost ground.
(Production: Angela Moore, Fred Katayama) - Copyright Holder: REUTERS
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