Stocks Pare Losses on U.S.-Mexico-Canada Trade Pact
10 Décembre 2019 - 05:13PM
Dow Jones News
By Anna Isaac and Akane Otani
U.S. stocks drifted around the flatline Tuesday, paring losses
after Democratic lawmakers reached an agreement with the Trump
administration to support a trade deal with Mexico and Canada.
The Dow Jones Industrial Average rose 10 points, or less than
0.1%, to 27920. The S&P 500 added less than 0.1% and the Nasdaq
Composite edged up 0.2%.
Tuesday's trading day started off relatively quietly, even as a
flurry of news caught traders and analysts' attention. Stock
futures had initially climbed after The Wall Street Journal
reported that U.S. and Chinese trade negotiators were looking to
delay a fresh round of tariffs. But then they erased some of their
gains heading into the opening bell after House Democrats announced
two articles of impeachment against President Trump.
Markets then drifted off their lows after House Democrats said
they reached an agreement with the Trump administration on a trade
deal with Mexico and Canada.
Developments from Washington, as well as news on trade, could
spur further volatility in the markets heading into year-end,
analysts say.
Chinese and U.S. officials involved in the talks to postpone
tariffs on $165 billion of Chinese goods that are set to kick in on
Dec. 15 say they don't have a hard deadline for an initial
deal.
"A lot of different options are still on the table. We just
don't know what's going to happen," said Oliver Jones, market
economist at Capital Economics. "At one end of the spectrum there's
a deal and the tariffs roll back. But just last week we had Trump's
remarks that there might not be a deal until after the
election."
Declines among technology companies weighed on major indexes,
with Netflix down 1.7% after Needham analysts downgraded the stock
to "underperform" from "hold."
Deal news also drove swings among individual stocks.
Shares in NortonLifeLock climbed 3.5% after The Wall Street
Journal reported that the consumer-software company has attracted
deal interest from a range of companies including rival McAfee.
Elsewhere, the Stoxx Europe 600 dropped 0.2%, while the U.K.'s
FTSE 100 index dropped 0.3%. Britain is preparing to head to the
polls Thursday for a crucial election.
Meanwhile, Federal Reserve officials are kicking off their final
two-day policy meeting of the year Tuesday. Officials are widely
expected to decide to hold steady on interest rates after lowering
their benchmark rate three times since July to try to cushion the
U.S. economy against a slowdown in global growth.
Write to Anna Isaac at anna.isaac@wsj.com and Akane Otani at
akane.otani@wsj.com
(END) Dow Jones Newswires
December 10, 2019 10:58 ET (15:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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