Stocks go nowhere as trade worries overshadow strong economic data
Stocks ended little changed Tuesday, after the S&P 500 touched 2,900 for first time, holding close to record highs for a third straight session. The dollar slipped, and Treasury yields inched higher.
Here's the scoreboard:Dow Jones industrial average: 26,060.62 +10.98 (+0.042%)
S&P 500: 2,897.60 +0.86 (-0.024%)
Nasdaq Composite: 8,030.04 +12.14 (+0.15%)
After agreeing to resolve key NAFTA disputes with Mexico, the US restarted high-level talks with Canada. US Trade Representative Robert E. Lighthizer was expected to meet with Canadian Foreign Minister Chrystia Freeland in Washington, a day after President Donald Trump threatened to terminate the 24-year-old agreement and hit Canada with auto tariffs.
- The US trade deficit in goods widened in July for the second straight month. The figure measuring trade in goods rose to $72.2 billion in July from $67.9 billion the month before, according to a preliminary report from the US Census Bureau.
- Consumer confidence in the US jumped to its highest level in nearly 18 years. The index rose to 133.4 in August from 127.9 the month before, the Conference Board said, easily beating economist expectations.
- Earnings season wraps up. Tiffany & Co reported second-quarter earnings that beat Wall Street estimates and raised its profit forecast. Best Buy, on the other hand, saw online sales growth drop and disappointed with third-quarter guidance.
And a look at the upcoming economic calendar:
- Consumer spending numbers and GDP revisions are out in the US.