Dow Jones Industrial Average fell 27 points
The Dow dipped 27.88 points, or 0.10% to close at 27,881.72. The S&P 500 fell 0.11% to end the day at 3,132.52. The Nasdaq Composite declined 0.07% to 8,616.18. Wall Street struggled for direction for most of the session as a key deadline loomed for U.S.-China trade talks.
Mixed messages on trade
The South China Morning Post first reported that a deal between China and the U.S. by Sunday was unlikely. That report sent stock futures lower before the open. Sentiment later picked up after The Wall Street Journal said the U.S. planned to delay the implementation of additional tariffs on Chinese goods. However, National Economic Council Director Larry Kudlow said Sunday’s tariffs are still on the table. Bottom line, the mixed news around trade prevented investors from taking the market in one definitive direction on Tuesday. Investors will need more clarity on the trade situation before the market can resume its record-setting rally.
Exxon Mobil and 3M slide
Shares of Exxon Mobil were among the Dow’s biggest laggards, falling 0.86%. 3M also dropped 1.28%.
What happens next?
The Federal Reserve will deliver its latest decision on monetary policy on Wednesday. The central bank is largely expected to keep rates unchanged. Inflation data, along with Lululemon earnings, are also on deck. Read more here.
Wall Street struggled for direction for most of the session as a key deadline loomed for U.S.-China trade talks.