- Stocks ended lower Tuesday after a report said the U.S. and China were working on an agreement to delay tariffs scheduled to kick in on Dec. 15.
- Stitch Fix is Real Money's Stock of the Day as the online clothing company posted stronger-than-expected fiscal first-quarter earnings.
- Netflix fell after analysts at Needham & Co. cut their rating on shares of the streaming giant.
Stocks ended lower Tuesday following a report that said negotiators for the U.S. and China were working toward an agreement that could delay $160 billion in tariffs set to kick in on Dec. 15.
The report from The Wall Street Journal reversed sharper declines earlier on Wall Street as investors keyed on the start of the two-day Federal Reserve meeting and monitored developments in the slow-moving trade talks between Washington and Beijing.
White House economic advisor Larry Kudlow, however, downplayed reports of the tariff delay.
“The reality is those tariffs are still on the table, the Dec. 15 tariffs, and the president has indicated if the short strokes remaining in negotiations do not pan out to his liking that those tariffs could go back into place,” Kudlow said at The Wall Street Journal’s CEO Council meeting.
The Federal Reserve's open market committee began a two-day meeting to consider interest rates. They're widely expected to leave rates unchanged when their decision is announced Wednesday.
Sentiment was boosted earlier Tuesday by an announcement from House Democrats that they struck an agreement to support the new U.S. trade deal with Mexico and Canada. Mexico's president said they agreement would be signed Tuesday.
The Dow Jones Industrial Average fell 28 points, or 0.1%, to 27,882, the S&P 500 fell 0.11% and the Nasdaq declined 0.07%.
The tariffs set to go into effect on Dec. 15 would apply to a range of China-made consumer goods - including mobile phones and children's toys - worth nearly $160 billion.
Beijing sees the removal of the tariff threat allowing talks to continue on the unfinished items in phase one of the agreement, Bloomberg reported, citing two officials. While the Trump administration has yet to announce any postponement, Bloomberg noted, Agriculture Secretary Sonny Perdue said Monday that he believed there will be “some backing away.”
Chewy (CHWY) - Get Report rose 5.6%, reversing earlier losses, ahead of a deadline for early investors in the pet food specialist to exit their holdings, and stronger-than-expected third-quarter revenue.