Day Traders Diary
The major averages closed virtually unchanged Stocks closed Wednesday's session little changed, struggling to sustain the recent rally that drove the market to record highs, as traders worried about U.S.-China trade discussions.
The Dow Jones Industrial Average closed down 7 points at 27,492. The S&P 500 was also barely changed, closing at 3076. The Nasdaq Composite declined nearly 0.3% as big tech including Amazon, Microsoft, Apple and Facebook all underperformed.
The markets sold off after reports President Donald Trump and Chinese leader Xi Jinping won't meet to sign a trade deal until December.
The meeting between Trump and Xi could be delayed as the two sides still need to decide on the terms and a venue, a senior administration official told CNBC. Trump is scheduled to be in London for a gathering of NATO leaders on Dec. 3 - 4, and a potential signing could happen nearby before or after that visit, CNBC reported. Reuters first reported the meeting postponement.
Corporate earnings are winding down with 75% of the S&P 500 companies reporting above analysts' expectations so far. However the more recent IPOs continue to struggle. Match Group was down 2% to a six-month low on earnings today. Yesterday is was Uber, Peloton and Shake Shack that disappointed.
In M&A news, Xerox is making an unexpected offer to buy HP. HP surged more than 6%.Walgreens Boots Alliance initially opened higher on speculation they want to go private. The stock did close down 3%.
U.S. Treasuries finished the session on a higher note, having received increased demand following the latest trade update. The 2-yr yield declined three basis points to 1.60%, and the 10-yr yield declined five basis points to 1.81%. The U.S. Dollar Index remained little changed at 97.95.
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