Stocks dipped on Monday, the first trading day of December, as investors digested the latest news on trade after capping a month that featured blistering gains.
The Dow Jones Industrials dropped 22.45 points to start Monday at 28,028.96
The S&P 500 fell 8.05 points to 3,132.92
The NASDAQ subtracted 45.22 points to 8,620.25
Communications services proved the worst-performing sector in the S&P 500, trading 0.6% lower. Walgreens and Visa lagged among Dow components, falling around 1% each.
Monday’s losses came after a strong performance in November. The major averages had their biggest monthly gains since June, rallying to record highs. The S&P 500 climbed 3.4% last month while the Dow advanced 3.7%. The NASDAQ rallied 4.5%.
Chinese state media reported Sunday that Beijing wants a cancellation of tariffs for a phase one trade deal. There is no clear indication of when both countries will be able to sign an agreement and last week saw fresh tension between Washington and Beijing after President Donald Trump signed legislation supporting protesters in Hong Kong.
Trump also said Monday he will restore tariffs on metal imports from Brazil and Argentina. In a tweet, he said: "Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries."
Prices for the 10-Year U.S. Treasury plummeted, raising yields to 1.85% from Wednesday’s 1.77%. Treasury prices and yields move in opposite directions.
Oil prices increased $1.33 at $56.50 U.S. a barrel.
Gold prices strengthened $8.30 to $1,464.40 U.S. an ounce.
