Advertisment
Stocks fell on Wednesday after the release of weaker-than-expected economic data stoked fears that the U.S.-China trade war is dragging down global economic growth.
The Dow Jones Industrials dropped 26.06 points to 25,505.99, as Caterpillar and J.P. Morgan Chase lagged.
The S&P 500 shed 3.18 points to 2,831.23, as the tech and financials sectors underperformed.
The NASDAQ Composite gained 14.4 points to 7,748.89
Dow member Caterpillar and Deere, which are seen as global trade bellwethers, both fell more than 1%. Semiconductor shares fell broadly. Pullbacks in Micron Technology and Nvidia also weighed on things.
Morgan Stanley fell more than 2% to lead bank shares lower while Citigroup, J.P. Morgan Chase and Goldman Sachs all dropped at least 1%.
U.S. retail sales fell 0.2% in April, the Commerce Department said Wednesday. Economists polled by Dow Jones expected an increase of 0.2%.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 2.38% from Tuesday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices faded 42 cents to $61.36 U.S. a barrel.
Gold prices moved higher $4.20 to $1,300.50 U.S. an ounce.
