U.S. equities finished the trading session mixed, as worries over trade took center stage in the midst of the start of another round of U.S./China trade talks that will be followed by higher-level negotiations later in the week. Adding to the nervousness, negotiations to avoid another partial government shutdown have reportedly stalled, while some lower-level earnings results came in mixed. Treasury yields were higher with a dormant economic calendar unable to provide any sway, and the U.S. dollar rose, while gold and crude oil prices were lower.
The Dow Jones Industrial Average (DJIA) fell 53 points (0.2%) to 25,053, while the S&P 500 Index gained 2 points (0.1%) to 2,710, and the NASDAQ Composite added 10 points (0.1%) to 7,308. In moderate volume, 813 million shares were traded on the NYSE and 1.8 billion shares changed hands on the NASDAQ. WTI crude oil lost $0.31 to $52.41 per barrel and wholesale gasoline shed $0.03 to $1.42 per gallon. Elsewhere, the Bloomberg gold spot price decreased $8.03 to $1,308.58 per ounce, and the Dollar Index—a comparison of the U.S. dollar to six major world currencies—was up 0.4% at 97.06.
Treasuries were lower with the economic calendar void of any reports today, as the yields on the 2-year and 10-year notes, as well as the 30-year bond, were all up 2 basis points at 2.49%, 2.66% and 3.00%, respectively. In government news, Republican Senator Richard Shelby told “Fox News Sunday” that talks for a special congressional negotiating panel on a border deal are stalled. The deadline for a second partial government shutdown looms, while bond markets appear to be carefully watching any outcome.
©2019 Charles Schwab & Co., Inc., Member SIPC. All rights reserved.
Schwab Center for Financial Research (“SCFR”) is a division of Charles Schwab & Co., Inc. The information contained herein is obtained from third-party sources and believed to be reliable, but its accuracy or completeness is not guaranteed. This report is for informational purposes only and is not a solicitation, or a recommendation that any particular investor should purchase or sell any particular security. The investment information mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinions are subject to change without notice in reaction to shifting market conditions.