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Stocks were little changed on Thursday as a move to record highs took a pause amid persisting worries around U.S-China trade relations.
The Dow Jones Industrials tailed off 1.51 points to 27,782.08.
The S&P 500 inched forward 2.06 points to 3,096.01. Both the Dow and S&P 500 notched record closing highs on Wednesday.
The NASDAQ slumped 6.95 points to 8,475.15
A 6.3% decline in Cisco Systems offset gains from Walmart. In the S&P 500, the tech sector pulled back 0.4%.
In corporate news, Walmart reported quarterly earnings that beat analyst expectations, sending its stock up more than 3%. Cisco, meanwhile, issued weak revenue guidance for its fiscal second quarter, overshadowing stronger-than-forecast quarterly results.
Nvidia, Applied Materials and Aurora Cannabis are poised to release their latest quarterly figures after market close.
On the data front, weekly jobless claims reached 225,000 last week, topping a Dow Jones estimate of 215,000. Meanwhile, U.S. producer prices had their biggest gain in six months in October.
Talks between the U.S. and China are thought to have hit a snag over agricultural purchases. The Wall Street Journal reported on Wednesday that Beijing is resisting requests from the White House to curb tech transfers as well as enforcement mechanisms. China is also reportedly wary about committing to specific farm purchases from the U.S.
At around 10 a.m. ET, Federal Reserve Chair Jerome Powell will testify before the House Budget Committee on the economic outlook.
Prices for the 10-Year U.S. Treasury gained sharply, lowering yields to 1.83% from Wednesday’s 1.89%. Treasury prices and yields move in opposite directions
Oil prices improved 41 cents to $57.53 U.S. a barrel.
Gold prices $4.10 to $1,467.40 U.S. an ounce.
