Day Traders Diary
Stocks posted fresh records on Monday before closing little changed as investors digested mixed signals around U.S.-China trade talks. The Dow Jones Industrial Average ended up 31 points, or 0.1% at 28,036. The S&P 500 advanced 0.05% while the Nasdaq Composite closed 0.1% higher.
However, the major averages failed to post significant gains after CNBC's Eunice Yoon reported, citing a government source, that Chinese officials are pessimistic about the prospect of a U.S.-China trade deal. China is troubled by President Donald Trump saying recently the U.S. would not roll back tariffs as they thought both sides had agreed to do so in principle, Yoon reports.
The trade-sensitive industrials and materials were laggards. The energy sector dropped 1.3% pressured by the decline in oil prices $57.04, -0.71, -1.2%.
Generally, there wasn't any concerted effort to sell a market trading at all-time highs, but investors weren't eager to embrace risk, either. The trend has been positive, which has likely drawn in some reluctant investors into the market, and today simply may have been a natural breather for a market breaking out to new highs.
Notable corporate news included HP Inc. down 0.8% turning down the takeover bid from Xerox. Netflix shares outperformed on speculation that either Carl Icahn or Bill Ackman built a large stake in the company. Disney was the best-performing Dow stock, rising 2%.
The benchmark 10-year Treasury yield fell from around 1.85% earlier in the day to 1.8%. Gold futures erased earlier losses to settle 0.2% higher at $1,471.90 per ounce.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.