US Stocks Move Sideways as Investors Eye Trade Talks
NEW YORK (AP) — U.S. stocks swung between gains and losses in morning trading on Wall Street Wednesday as investors wait for key trade talks between the U.S. and China to start this week.
Investors have been on edge since President Donald Trump threatened to impose more tariffs on Chinese goods. Negotiations between the U.S. and China are set to continue in Washington on Thursday. Trump said via Twitter Wednesday that China intends to make a deal, but that he's happy to raise tariffs if the negotiations fail to produce an agreement.
The tougher trade rhetoric pushed indexes lower on Monday and then jolted them into a rout on Tuesday. The S&P 500 slumped 1.7%. The Dow Jones Industrial Average shed 473.39 points, or 1.8%.
Investors have been anticipating a deal throughout the year, which contributed to double-digit gains in all the major indexes. But, the latest tough talk is raising anxiety levels on Wall Street and casting more doubt about a resolution.
Technology and energy companies led the gainers. Utilities and household product companies lagged the broader market. Apple rose just under 1% and payment products company FleetCor Technologies surged 6.6% on solid first quarter earnings.
Daimondback Energy rose 7.5% after beating Wall Street's first quarter profit forecasts.
KEEPING SCORE: The S&P 500 index rose 0.1% as of 10:10 a.m. The Dow Jones Industrial Average rose 15 points, or 0.1%, to 25,978. The Nasdaq composite rose 0.1%
GOOD GAME: Electronic Arts rose 2% after the video game maker soared past Wall Street's fiscal fourth quarter profit forecasts.
The company also beat revenue forecasts. It launched several new games during the quarter, including "Apex Legends" as it competes with hit games like "Fortnite" from rival Epic Games.
BAD TRIP: TripAdvisor plunged 12.8 % after the travel website operator's first quarter revenue fell short of analysts' forecasts.
By AP reporter Damian J. Troise