Wall Street gives up early gains as energy weighs on stocks
Wall Street struggled for momentum on Tuesday, giving up early gains as a rebound in technology stocks and renewed hope for progress in trade talks were offset by drops in Boeing and energy stocks.
Energy stocks <.spny> weighed heaviest on the S&P 500, driven down after crude prices
Technology bounced back from recent losses, edging the Nasdaq into positive territory.
U.S.-China trade tensions enjoyed a reprieve as negotiations between the world`s two largest economies appeared to be making headway.
China President Xi Jinping and U.S. President Donald Trump are expected to meet at a G20 summit in Argentina at the end of November in an ongoing effort to iron out trade differences that have troubled markets for much of the year.
Tariff-vulnerable industrial stocks <.splrci> were up 0.3 percent, led by General Electric Co
"(Trade is) still an open question. It`s still a work in progress," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. "It will continue to dog the markets short term until it gets worked out"
General Electric was up 8.6 percent as the conglomerate unveiled plans to raise $4 billion by accelerating a sale of its stake in oilfield services provider Baker Hughes
Homebuilder Beazer Homes USA Inc
Home Depot Inc
Amazon.com shares were down 0.4 percent following the online retailer`s announcement that it had selected New York City and Northern Virginia for its two new headquarters.
Shares of Tyson Foods Inc
The Dow Jones Industrial Average <.dji> fell 126.93 points, or 0.5 percent, to 25,260.25, the S&P 500 <.spx> lost 4.23 points, or 0.16 percent, to 2,721.99 and the Nasdaq Composite <.ixic> added 1.81 points, or 0.03 percent, to 7,202.67.
Third-quarter earnings season approaches the final stretch, with 91 percent of S&P 500 companies having reported, 77.5 percent of which have beaten estimates, according to Refinitiv data.
Of the 11 major sectors in the S&P 500, six were in negative territory.
Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favoured advancers.
The S&P 500 posted 8 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 15 new highs and 126 new lows.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.