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Wall Street slips following report trade deal could be delayed

Kitco News

NEW YORK (Reuters) - U.S. stocks slipped on Wednesday following a Reuters report the U.S.-China trade deal could be delayed until December.

A senior official of the Trump administration said a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December, as discussions continue over terms and a venue.

Stocks were mostly flat before the report, pausing after their recent run to record highs.

The year end is typically a bullish time for stocks, but the trade war is still a risk, said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

Also, “there’s been concern the market was moving toward overbought conditions,” she said.

The Dow Jones Industrial Average .DJI fell 36.34 points, or 0.13%, to 27,456.29, the S&P 500 .SPX lost 3.93 points, or 0.13%, to 3,070.69 and the Nasdaq Composite .IXIC dropped 39.58 points, or 0.47%, to 8,395.10.

The recent rally had been fueled by signs of progress in trade talks between the United States and China and a mostly upbeat earnings season.

The S&P 500 energy index .SPNY fell 1.9% following declines in oil prices, while the S&P tech index .SPLRCT was down 0.2%.

Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.78-to-1 ratio favored decliners.

The S&P 500 posted 11 new 52-week highs and 1 new low; the Nasdaq Composite recorded 55 new highs and 48 new lows.

Additional reporting by Arjun Panchadar and Medha Singh in Bengaluru; editing by Anil D'Silva and Chris Reese

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