By Caroline Valetkevitch
NEW YORK (Reuters) – U.S. stocks slipped on Wednesday following a Reuters report the U.S.-China trade deal could be delayed until December.
A senior official of the Trump administration said a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December, as discussions continue over terms and a venue.
Stocks were mostly flat before the report, pausing after their recent run to record highs.
The year end is typically a bullish time for stocks, but the trade war is still a risk, said Quincy Krosby, chief market strategist at Prudential Financial (NYSE:) in Newark, New Jersey.
Also, “there’s been concern the market was moving toward overbought conditions,” she said.
The Dow Jones Industrial Average () fell 36.34 points, or 0.13%, to 27,456.29, the S&P 500 () lost 3.93 points, or 0.13%, to 3,070.69 and the Nasdaq Composite () dropped 39.58 points, or 0.47%, to 8,395.10.
The recent rally had been fueled by signs of progress in trade talks between the United States and China and a mostly upbeat earnings season.
The S&P 500 energy index () fell 1.9% following declines in oil prices, while the S&P tech index () was down 0.2%.
Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.78-to-1 ratio favored decliners.
The S&P 500 posted 11 new 52-week highs and 1 new low; the Nasdaq Composite recorded 55 new highs and 48 new lows.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.