Stocks close lower on new worries over China trade deal
Stocks ended lower Wednesday, pulling back from record highs after Reuters reported a so-called phase one trade deal between China and the U.S. might not be completed by the end of 2019.
The Dow closed down 112 points, while the S&P 500 lost nearly 0.4% and the Nasdaq shed 0.5%.
“It looks like some of the storylines that have been intertwined with the market have started to put up more of a headwind for stocks,” said Daniel Deming, a managing director at KKM Financial. “The market is having more trouble navigating this landscape and it’s primarily due to the fact that the trade situation has stalled.”
Apple shares dropped to close 1.2% lower along with Caterpillar. The VanEck Vector Semiconductor ETF (SMH) was down 1%. Broadcom pulled back 1.9% while Analog Devices and Qualcomm both closed more than 2% lower.
https://www.msn.com/en-us/money/markets/stocks-close-lower-on-new-worries-over-china-trade-deal/ar-BBX1WHH?li=BBnbfcN