Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

US STOCKS-Wall St subdued on mixed PMI, U.S.-China trade concerns

Published 23-09-2019, 09:23 pm
© Reuters.  US STOCKS-Wall St subdued on mixed PMI, U.S.-China trade concerns
XAU/USD
-
US500
-
DJI
-
BA
-
AAPL
-
GC
-
IXIC
-
EMBR3
-
META
-
SPLRCS
-

(For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window.)

* Services jobs shrink for the first time in 9-1/2 yrs

* Sept. flash manufacturing PMI 51 vs. 50.3 for Aug.

* Apple gains on tariff exemptions

* Facebook among top drags on S&P 500

* Indexes flat: Dow 0.07%, S&P 0.05%, Nasdaq 0.01% (Changes comment, adds details, updates prices)

By Medha Singh and Ambar Warrick

Sept 23 (Reuters) - Wall Street's main indexes were flat on Monday as mixed economic cues did little to soothe investor concerns over slowing domestic growth in the face of a prolonged U.S.-China trade war.

U.S. employment in the services sector shrank for the first time in nine-and-a-half years, IHS Markit's Purchasing Manager's Index (PMI) showed on Monday. At 50.9, the services sector PMI was below expectations of 51.3, but the reading above 50 showed that it was still in expansion mode.

The index also showed manufacturing activity rose to 51 in September from 50.3 in August, topping expectations of economists polled by Reuters. report follows dour business surveys from across the euro zone, which suggested growth had ground to a halt in the bloc. had some macro news today, but nothing that would change the sentiment in the market, which is tied to trade," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Investors have been cautious about progress in Sino-U.S. trade talks after a Chinese agriculture delegation canceled a visit to Montana. The news on Friday had pulled Wall Street's main indexes to their worst session in about two weeks. latest negative news out of trade talks last week has brought a lot of uncertainty in the market. We are stuck in a trading range and the feeling is one of global disparity," Cardillo said.

Perceived safe haven assets such as gold and the U.S. dollar had risen after the Chinese delegation scrapped its farm visit, reflecting a risk-off attitude in the market.

The so-called defensive sectors - consumer staples .SPLRCS and real estate .SPLRCR - were among the top gainers.

Other economic reports due in the final week of the third quarter include core personal consumption data - the Federal Reserve's preferred inflation gauge - a final reading on second-quarter GDP data and the Conference Board's consumer confidence reading for September.

At 11:31 a.m. ET, the Dow Jones Industrial Average .DJI was up 19.89 points, or 0.07%, at 26,954.96, the S&P 500 .SPX was up 1.44 points, or 0.05%, at 2,993.51. The Nasdaq Composite .IXIC was up 0.70 points, or 0.01%, at 8,118.38.

Apple Inc AAPL.O rose 0.5%, boosting the Nasdaq, after U.S. trade regulators approved 10 out of 15 requests for tariff exemptions by the iPhone maker. network Facebook Inc FB.O fell 1.6% and was among the biggest drags on the S&P 500.

Boeing (NYSE:BA) .BA.N edged lower after a Reuters report that European antitrust regulators were set to investigate the plane maker's $4.75 billion bid for the commercial aircraft arm of Brazil-based Embraer SA EMBR3.SA . the chief of the U.S. Federal Aviation Administration is set to detail progress on the Boeing 737 MAX aircraft to international air regulators, who are divided about returning the grounded jet to flight after two fatal crashes. Networks Inc JNPR.N rose 1.3% as Needham upgraded the network gear maker's stock to "buy".

Advancing issues outnumbered decliners by a 1.15-to-1 ratio on the NYSE and for a 1.34-to-1 ratio on the Nasdaq.

The S&P index recorded 13 new 52-week highs and one new low, while the Nasdaq recorded 27 new highs and 34 new lows.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.