[ad_1]
© Reuters.
Investing.com – The S & P 500 index ended higher on Wednesday, thanks to the optimism sparked by the trade and rising shares of chips, which helped offset the drop in the sector's shares of energy.
The increase of 0.15%, the added of 0.21%, while the gained 0.60%.
US-China trade talks are in the "final phase," said Myron Brilliant, executive vice president of international affairs at the US Chamber of Commerce. "Ninety percent of the deal is done, but the remaining 10% is the hardest part, it's the trickiest part, and there will be trade-offs between the two sides."
Chinese Vice Premier Liu He held his meeting with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Wednesday to resume talks in Beijing last week.
Despite the optimism generated by US-China trade, trade-sensitive manufacturers struggled to stay above the flat line of the day, driven by the collapse of defense companies.
Raytheon (NYSE 🙂 fell 4.5%, Northrop Grumman (NYSE 🙂 fell 2.4% and Lockheed Martin (NYSE 🙂 lost 1.92%.
Beyond trade, the drop in energy stocks dampened gains in the broader market as oil prices fell as a result of an unexpected increase in supply.
But rising tech stocks fueled confidence in risk after rising smart values, driven by Advanced Micro Devices (NASDAQ :), up 8.5%.
Nomura raised the prospect of higher profits for AMD on forecasts that weaker chip markets are expected to collapse in the first quarter thanks to the improved economic environment in China, which accounts for a large share of global chip spending .
Elsewhere in the tech sector, Apple (NASDAQ 🙂 closed up 0.7%, despite Nomura's surge in forecasts that the company's revenue from services would offset slower iPhone sales. early.
The growth of the App Store has slowed to stand at 15% in March, compared to 18% in December, according to Sensor Tower, Nomura said. The price reduction on iPhones has little effect on the company's demand for flagship smartphones in the face of the lingering weakness of the smartphone market in China, the bank added.
In the consumer discretionary sector, GameStop (NYSE 🙂 posed a problem, registering a 4.7% decline after its annual earnings guidance is lower than consensus Wall Street estimates.
After tracking down the wrong indications, Morgan Stanley pointed out that the decline in older games was a negative factor for GameStop's sales and gross margin.
"Indeed, there seems to be a growing gap between new trends and trends being used, and we are concerned that less trade is also hurting other parts of the business. " Morgan Stanley (NYSE 🙂 said.
Economic data contributed little to the rise in inventories, as the private sector created more than expected, and economists' forecasts are underestimated, pointing to further signs of slowing the economy.
Main winners and losers of the S & P 500 today:
Advanced Micro-Devices (NASDAQ :), Nielsen Holdings (NYSE 🙂 and Nektar Therapeutic (NASDAQ 🙂 were among the top winners of the S & P 500 for the session.
Altria Group (NYSE :), Raytheon (NYSE 🙂 and Cimarex Energy (NYSE 🙂 have been among the worst of the session on the S & P 500.
[ad_2]
Source link