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US equities edged down early in trading on Monday, edging down the strong gains of the previous week, which brought the major indexes back to record-breaking levels.
Where are the main reference markets?
The Dow Jones Industrial Average
DJIA, + 0.03%
fell 18 points to 26,135 while the S & P 500
SPX, -0.25%
was off 1 point to 2,904. Both fell by less than 0.1%. If the S & P turned and ended up in positive territory, it would be its sixth consecutive session, its longest run since February.
The Nasdaq Composite Index
COMP -0.93%
16 points, down 0.2%, to 7,995.
At the current level, the S & P is below about 0.5% at record levels, while the Dow Jones and Nasdaq are at less than 2%.
Last week, the Dow recorded a weekly rise of 0.9%, its fourth positive week in five years. The gains have reached their highest level since the end of January. The S & P 500 gained 1.2%, its ninth positive week of the last 11. The Nasdaq gained 1.4% for the week, its third positive week in four years.
Recent deals on Wall Street have been halted, with tight trading forks. The last time the S & P 500 ended with a move of 1%, in both directions, was in late June.
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What factors influence the markets?
Trade tensions continue to be the main driver of market action, and the issue has received renewed attention in recent sessions as relations between the United States and China have signs of deterioration.
On Friday, Bloomberg reported that Trump had asked his associates to charge $ 200 billion for Chinese products. The report adds to the billions of dollars in tariffs that have already been collected, and a few days after the White House invited Chinese officials to the table to try to reach a trade deal.
Over the weekend, however, China said it could decline the offer to resume trade talks if Trump realized the tariff threat. "China will not negotiate with a gun pointed at its head," said a senior Chinese official, according to the Wall Street Journal.
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Investors have largely ignored the trade issue, focusing instead on strong corporate earnings and economic data, but the problem could worsen and have a marked impact on global economic growth.
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Separately, investors continue to monitor the impact of former hurricane Florence, which has collapsed to the tropical depression, but is expected to cause significant damage from rainfall and flooding.
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In the latest economic data, the New York Fed Empire State Index fell 7 points to 19 in September.
What do market analysts say?
"If protectionist policies were implemented, the shares might not be sold, because a certain amount of fear has already been taken into account," wrote David Madden, an analyst at CMC Markets U.K.
He noted that a recent report on consumer confidence had peaked several months. "According to this latest report, we could see a recovery in consumer activity in the short term. The average earnings in the United States are higher and, if consumer activity increases, it would be positive for the economy, "he wrote in a morning note.
What are the targeted stocks?
Consumer discretionary stocks were among the largest bearish early in the session as the sector fell 0.6%. The technology group fell 0.5%. The five so-called FAANG shares were all inferior, with discretionary giants Amazon.com Inc.
AMZN, -2.80%
down 1.7% and Netflix Inc.
NFLX, -1.97%
down 0.8%. Apple Inc..
AAPL, -1.59%
decreased by 1.5% while Facebook
FB -0.97%
lost 0.8% and Google-parent Alphabet
GOOG, -1.16%
GOOGL, -1.09%
slipped 0.5%.
DowDuPont Inc.
DWDP, + 1.52%
Chief Executive Edward Breen will be the senior executive in the specialty product company to be established next year as part of the three-year conglomerate plan. Shares rose 0.2%.
Oracle Corp.
ORCL, + 0.69%
shares rose 0.7%. The enterprise software giant is expected to release its quarterly results after the market closes.
Tyson Foods Inc.
TSN -0.36%
the stock fell 0.2% after the company said CEO Tom Hayes would resign for personal reasons after about two years in the role.
Mersana Therapeutics Inc.
MRSN, -10.43%
stocks rose 5.7% after the US Food and Drug Administration lifted a partial clinical wait on its Phase I trial of its XMT-1522 cancer treatment.
Actions of Cellectar Biosciences Inc.
STIR, + 6.16%
10% after winning a rare pediatric designation for cancer treatment from the FDA.
Canopy growth
GSC + 1.36%
shares rose 3.7%. The company said the site of Tweed Farms Inc. had received license amendments approving the rest of the greenhouse space, expanding the company's licensed footprint to approximately 3.2 million square feet.
Meredith Corp.
CDM -0.29%
will sell $ 190 million to Time magazine to Marc Benioff, co-founder of Salesforce.com
CRM -0.72%
Meredith's shares rose 0.7%.
What are other markets doing?
Asian stocks fell sharply, under pressure from trade uncertainty and a powerful typhoon. The region was extending its recent weakness. Shares in Shenzhen have fallen nearly 30% so far this year, while Hong Kong's Hang Seng Index is down nearly 20% from the recent high. The main European indices were slightly lower.
Crude oil price
CLK9, + 0.69%
rose 0.8% Monday, while the gold
GCM9, + 0.30%
was up less than 0.1%. The US dollar index
DXY, -0.50%
fell 0.2% on renewed nervousness.
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