Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average finished down Monday, losing earlier momentum as the effects of upbeat comments from White House economic adviser Larry Kudlow on the upcoming U.S. trade talks with China proved short-lived.
Wall Street Overview
Stocks finished down Monday as the effects of upbeat comments from White House economic adviser Larry Kudlow on the upcoming U.S. trade talks with China proved short-lived.
He also dismissed earlier reports the U.S. planned plans to delist Chinese companies, saying "it was not on the table."
The Dow Jones Industrial Average, which reached a session low of 149 points, finsihed down 95 points, or 0.36%, to 26,478. The S&P 500 dropped 0.45%, while the Nasdaq fell 0.33%.
Kudlow said in a morning TV interview that Chinese negotiators have been a "little more cooperative recently" having recently purchased U.S. agricultural products like soybeans, pork and wheat.
Stocks had opened in the red Monday after Bloomberg reported that Chinese officials were no longer interested in a broad-based trade pact with the United States, following months of stalled negotiations and tit-for-tat tariffs, and will instead pursue a more specifically defined agreement that removes any demands for China to tackle industrial reforms or the thorny issue of government subsidies for state-supported enterprises.
The trade talks are scheduled to resume Thursday and China's re-focusing of the negotiations so close to the start of high-level meetings bodes poorly for a near-term deal between the world's two largest economies. The move could also suggest that China sees itself as having a stronger hand owing to President Donald Trump's current entanglement in an ongoing, and developing, impeachment process.
Stocks picked up however, shortly after Kudlow made his comments to reporters.
Separately, Trump signed two agreements at the White House Monday related to the U.S. trade relationship with Japan.
General Electric (GE) - Get Report was down slightly to $8.56 after the industrial giant said it would reduce its pension liabilities by as much as $8 billion, with further debt reductions planned for the coming months.
Uber Technologies (UBER) - Get Report shares climbed 2.4% to $30.37 after analysts at Citigroup raised their rating on the ride-sharing company to "buy." Uber Technologies is Real Money's Stock of the Day.
Nvidia (NVDA) - Get Report rose 1.3% to $184.33 after analysts at RBC Capital raised the chipmaker's price target to $217 from $190 as positive channel checks suggest positive trends in the company's gaming-related semiconductor chips.
General Motors (GM) - Get Report fell slightly to $34.75 after a top official with the United Auto Workers said in a letter to members Sunday that contract talks with the automaker "have taken a turn for the worse."