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© Reuters.
Investing.com – Stocks closed the day lower, with investors worried that the latest round of trade talks between the United States and China is unlikely to solve the trade war between the world's two largest economies.
The decline of 0.54%, the decline of 0.30%, while the loss of 0.41%. It was the third defeat in four days for the Dow and the sixth in seven days for the S & P 500 and the Nasdaq. But the fence was a big improvement over a horrible depression earlier in the day. The Dow Jones lost up to 450 points during the session.
The United States and China are ready to start trade talks at 5:00 pm (9:00 pm GMT), but market players were apparently reluctant to bet on a positive result, analysts expect Washington to adopt tariffs scheduled for midnight Beijing.
"We continue to believe that the tariff rate on the $ 200 billion tariff will officially increase to 25% on Friday at 12:01 am," said Goldman Sachs, placing the probability at around 60%.
But the bank also touted optimism, suggesting that rising US tariffs could have a smaller impact than many expect, as exports that have already left Chinese ports before May 10 will not be subject to this augmentation.
This shorter period leaves the door open to new trade negotiations in the coming weeks and differs from the US 10% tariff in September, which did not exclude goods that were already in transit, added Goldman. .
In addition, President Trump has cheered the market in a brief opportunity for the press, saying that he is still waiting for a trade agreement to be reached. The comment helped reduce inventory losses.
Trade-sensitive market concerns were apparently not convinced, with Boeing (NYSE :), caterpillar (NYSE 🙂 and 3M (NYSE :), flagship of world trade, ending the day down.
Technology stocks, meanwhile, were trimmed down by the slowdown in Intel (NASDAQ) while Wall Street became negative for the chip maker following its warning Wednesday that revenues would increase to a number less than 3 each year.
BMO downgraded Intel's performance in the market, outperforming, warning that semiconductor stocks are not performing well in an environment of decelerating gross margin.
Apple (NASDAQ 🙂 also drove technology in the red, down 1.1%, after Bernstein said the iPhone maker could have a foamy valuation, its shares trading at 17x the ratio forecast price / profit.
Boeing, 3M, Intel and Apple have teamed up to bring 79 points to the Dow's loss.
But energy values ​​have increased, leading to a rise in Chevron helped to offset the decline in oil prices in the United States.
Chevron (NYSE 🙂 rose more than 4% after being pulled off the list to acquire Anadarko Petroleum (NYSE :), saying it would not submit a new bid to acquire the company. This took place after Anadarko said that the offer from the competing oil company Occidental Petroleum (NYSE 🙂 was superior to that of Chevron. Wall Street boasted the potential deal, pushing Occidental down 6.4%.
In terms of profits, investors faced mixed results that did little to improve confidence in equities.
Roku (NASDAQ :), operator of a streaming TV platform, recorded a loss in the first quarter, raising its shares by more than 28%.
But Etsy dropped 10.75% after the online craft retailer reported slightly missing consensus estimates from Investing.com.
Fox Corp. (NASDAQ 🙂 ended the day up 3% after investing hundreds of millions of dollars on a sportsbook platform that it hopes will diversify its revenue streams and expand the reach of the brand Fox Sports.
Main winners and losers of the S & P 500 today:
Tapestry (NYSE :), Nektar Therapeutic (NASDAQ 🙂 and Perrigo (NYSE 🙂 were among the top winners of the S & P 500 for the session.
Western Petroleum (NYSE :), Intel (NASDAQ 🙂 and CenturyLin (NYSE 🙂 were among the worst in the S & P 500 session.
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