US STOCKS-Wall St dips on trade uncertainty, weak new home sales data

  • Reuters
  • Stock Market News
US STOCKS-Wall St dips on trade uncertainty, weak new home sales data
Credit: © Reuters.

* Trump-Xi meeting pushed to at least April - Bloomberg

* U.S. new home sales fall more than expected in Jan

* Apple rises as Cowen starts with "outperform"

* Facebook slips as global outage continues

* Trade sensitive Caterpillar , Boeing (NYSE: BA ) dip

* Indexes down: Dow 0.23 pct, S&P 0.22 pct, Nasdaq 0.20 pct (Updates to open)

By Amy Caren Daniel

March 14 (Reuters) - U.S. stocks fell on Thursday weighed by concerns of a delay in trade talks between the United States and China, and data which showed a higher-than-expected fall in new home sales in January.

Bloomberg reported that a meeting between President Donald Trump and China's Xi Jinping to sign an agreement to end their trade dispute won't occur this month and is more likely to happen in April at the earliest. day earlier, U.S. President Donald Trump said he was in no rush to complete a trade pact with China. situation with trade is causing indigestion for investors early on. The deeper concern that is starting to creep up is that there is no sense of urgency at this point," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

Trade-sensitive Caterpillar Inc (NYSE: CAT ) CAT.N fell 0.6 percent, while Boeing, the single largest U.S. exporter to China, dipped 0.5 percent.

The world's largest planemaker had its own troubles this week after its money-spinning 737 MAX jetliners were grounded globally following a recent fatal crash in Ethiopia. Commerce Department said new home sales declined 6.9 percent in January, while economists polled by Reuters had estimated new home sales slipping 0.6 percent, suggesting the housing market weakness persisted early in the first quarter. PHLX housing index .HGX fell 0.6 percent on the news, while the broader real estate sector .SPLRCR declined 0.3 percent.

Apple Inc AAPL.O rose 0.8 percent and was the biggest boost to the S&P 500 and Nasdaq indexes, after brokerage Cowen and Co started coverage with "outperform" rating. It also helped the technology sector rise 0.21 percent.

The S&P and Nasdaq have posted three consecutive sessions of gains this week, buoyed by domestic data that underscored the Federal Reserve's patient stance on future interest rate hikes.

A dovish Federal Reserve and hopes of a U.S.-China trade deal have helped the S&P rally about 12 percent this year and has put the benchmark index just 4.3 percent away from its September record closing high.

"We've had a strong run in markets this week and investors are taking a pause to digest the gains, and use the delay in trade talks as an excuse to take a break from buying," Bakhos said.

Facebook Inc FB.O fell 2.1 percent as the social media giant struggled to restore its services fully after a 17-hour partial outage. 10:14 a.m. ET the Dow Jones Industrial Average .DJI was down 59.98 points, or 0.23 percent, at 25,642.91. The S&P 500 .SPX was down 6.13 points, or 0.22 percent, at 2,804.79 and the Nasdaq Composite .IXIC was down 15.66 points, or 0.20 percent, at 7,627.75.

UK lawmakers on Wednesday voted in favor of a motion that ruled out a potentially disorderly "no-deal" Brexit under any circumstance, though another crucial vote to delay leaving the European Union is pending on Thursday evening. & Johnson JNJ.N fell 0.6 percent after a California jury awarded $29 million to a woman who said that asbestos in the company's talcum-powder-based products caused her cancer. issues outnumbered advancers for a 1.48-to-1 ratio on the NYSE and a 1.48-to-1 ratio on the Nasdaq.

The S&P index recorded 11 new 52-week highs and no new low, while the Nasdaq recorded 28 new highs and 18 new lows.

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  • Trevor Sibanda @Trevor Sibanda
    does this mean the two indices might be facing a downtrend till Trump and Xi meeting is set?
    Like 0