Investing.com – Wall Street cut its gains on Thursday, as investors focused on upcoming trade talks between the United States and China at the G20 summit in Argentina.
The drop of 28 points, or 0.29%, to 2,735.12 at 9:31 am (2:31 pm GMT), while the drop of 22 points, or 0.09%, to 25,343.65 and tech-heavy plunges 24 points, or 0.32%, at 7,268.11.
Investors expect the US-China trade war to evolve, with US President Donald Trump and his Chinese counterpart Xi Jinping scheduled to meet on the sidelines of the G20 at the end of the week.
At the same time, the minutes of the Fed's November meeting will be released later in the day. Investors are looking for new guidance on interest rate plans. Data released on Thursday showed that consumer spending rose in October, while underlying inflation slowed. The Fed's preferred measure of inflation, the main price index for personal consumption expenditures, rose 0.1%.
Among the top winners, Abercrombie & Fitch (NYSE 🙂 retailer jumped 23% after its profits were higher than expected. Boeing (NYSE 🙂 rose 0.90%, while McDonald's (NYSE 🙂 rose 1%.
At the same time, shares of Deutsche Bank (NYSE 🙂 fell 3.34% as a result of new reports that its Frankfurt offices were being searched by agents for allegations of money laundering. The shares of FAANG were also down, with Amazon.com (NASDAQ 🙂 losing 0.78% and Netflix (NASDAQ 🙂 losing 1.25%.
General Electric (NYSE 🙂 fell 2%, while Micron (NASDAQ 🙂 lost 1.36%.
In commodities, it rose 0.20%, to $ 1,232.20 troy ounces, and 2.17% to $ 51.38 a barrel. The, which measures the greenback versus a basket of six major currencies, gained 0.05% to 96.73.
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