Stocks fell Monday during trading hours after Chinese officials showed reluctance towards President Donald Trump's trade deal, according to Bloomberg. Trade negotiations between the two economic giants are scheduled to start on Thursday in Washington D.C.
Here's how the U.S. markets settled Monday:
Dow Jones Industrial Average (DIA): -0.36% or 95.70 points
S&P 500 Index (SPY): -0.45% or 13.22 points
NASDAQ Composite Index (QQQ) : -0.33% or 26.18 points
Chinese Vice Premier Liu He is expected to lead the Chinese trade delegation and is reportedly planning to take one of Trump's key demands off of the table. Liu's plans exclude commitments on reforming Chinese industrial policy or government subsidies. This news made investors doubt that this meeting will be the end of the trade-war saga.
In U.S. sector news, all sectors besides Communication Services, who saw gains of +0.25, saw losses today. Many investors are wary of the future of trade within global markets due to the uncertainty around the future of Trump's impeachment inquiry and the long anticipated U.S. trade deal with China.
In other U.S. stock news, General Motors
It is unclear how the U.S. stock market will react this week. Federal Reserve Chairman Jerome Powell has a few scheduled events mid-week and the high-level trade talks between China and the U.S. are set to take place Thursday and Friday. Tuesday's update will summarize how the market continues to react to trade news as we enter the second week of October.
- https://www.bloomberg.com/news/articles/2019-10-06/china-narrows-scope-for-trade-deal-with-u-s-ahead-of-talks?utm_medium=social&cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter
- https://finance.yahoo.com/news/ge-freeze-pension-plans-20-104420866.html
- https://finance.yahoo.com/news/talks-between-uaw-gm-taken-161006104.html