© Reuters. Traders work on the floor of the NYSE in New York
By Amy Caren Daniel
(Reuters) – US stocks remained unchanged on Tuesday as tech stocks recovered from their lows, helping to calm the nerves caused by President Donald Trump's latest tariff threat.
Trump said he hoped that tariffs on Chinese imports rising to $ 200 billion would increase from 25% to 10% by early 2019.
Trump is due to meet Chinese President Xi Jinping at the G20 summit in Buenos Aires this week, but his latest comments have left little hope on the resolution of the trade dispute between the two countries, which has upset the financial markets this year.
The trade-sensitive industrial sector () fell by 0.76%, with Boeing Co (N :), the leading US exporter to China, down 0.3% and caterpillar Inc (N 🙂 0.9 percent.
"Tariff issues are the most important factor in the markets and will remain so for a while, especially considering Friday's meeting," said Randy Frederick, vice president of trading and derivatives for Charles Schwab (NYSE 🙂 in Austin, Texas
Apple Inc. (O 🙂 was down 0.4 percent. His shares had fallen 2.1% earlier in the session after Trump said that tariffs could be applied to the company's laptops and iPhones imported from China.
The Philadelphia SE Semiconductor () index rose 0.90%, offsetting past losses. Maxim Integrated (O 🙂 led the gain with a 5.5% gain on the announcement of its S & P 500 membership.
The recovery was also boosted by a 1.5% increase in Netflix Inc (O 🙂 and a 0.5% gain in Amazon.com Inc (O :).
"A lot of these rebounds you see are due to significant oversold conditions," said Michael Antonelli, general manager, Institutional Sales Operations at Robert W. Baird in Milwaukee.
At 11:56 EDT, the Dow Jones Industrial Average () was down 30.01 points, or 0.12%, at 24,610.23 points, the S & P 500 () up 2.15 points , or 0.08%, at 2,675.60 and Nasdaq Composite () up 9.06. points, or 0.13 per cent, at 7,090.92.
Vice President of the US Federal Reserve Richard Clarida said the central bank should continue to gradually raise interest rates, but that it is "particularly important" to monitor new data closely. economic, monetary policy approaching a neutral position.
Fed President Jerome Powell is scheduled to speak on Wednesday and his comments will be closely watched to find new clues on the trajectory of rising interest rates and the health of the economy face. the rise of trade tensions.
United Technologies Corp. (N 🙂 plummeted 5.9%, the highest on the S & P 500 benchmark, after its three-company split plan failed to impress investors.
Falling issues outnumbered defenders for a ratio of 1.52 to 1 on the NYSE. Falling numbers outnumbered defenders for a ratio of 1.47 to 1 on the Nasdaq.
The S & P index posted two new highs over 52 weeks and four new lows, while the Nasdaq recorded 13 new highs and 91 new lows.