Stocks Open Lower on Trade Jitters

Date : 11/14/2019 @ 3:08PM
Source : Dow Jones News
Stock : Dillards Inc (DDS)
Quote : 69.79  1.13 (1.65%) @ 11:00PM
After Hours
Last Trade
Last $ 69.79 ◊ 0.00 (0.00%)

Stocks Open Lower on Trade Jitters

Dillards (NYSE:DDS)
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1 Month : From Nov 2019 to Dec 2019

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By Caitlin Ostroff 

U.S. stocks opened lower Thursday as concerns over U.S.-China trade negotiations and weak Chinese economic data weighed on investors.

The Dow Jones Industrial Average was down 12.62 points, or 0.05%, and the S&P 500 was down 2.15 points, or 0.07%. The Nasdaq composite fell 17.52 points, or 0.21%.

Global stocks were down. The Stoxx Europe 600 fell 0.2%, with the trade-sensitive auto sector down 0.9%. The U.K.'s FTSE 100 dipped 0.5% and the German DAX fell 0.5%.

Cisco Systems Inc. saw shares tumble 5.7% in off-hours trading after the technology company Wednesday projected its first quarterly revenue decline in more than two years. In premarket trading, Walmart Inc. climbed 1.7% after the retail giant reported Thursday that sales from stores and websites operating for at least 12 months rose 3.2%, extending a four-year streak of quarterly sales gains. Shares of Dillard's Inc. rallied 7.7% as the company posted a surprise profit for its third quarter.

In Europe, shares of Mercedes-Benz maker Daimler AG fell 3.4% after it said Thursday that it plans to cut jobs and slash personnel costs to offset expenses required to lower car emissions. Luxury apparel maker Burberry Group shares rose 2.4% after it beat expectations in first-half earnings, adding to the broad rebound in luxury stocks this year.

The latest economic data out of China showed fresh signs of weakness, with disappointing numbers in industrial output, household consumption and fixed-asset investment. The figures added to evidence that the world's second-largest economy is broadly slowing -- as consumer inflation accelerates. The data follows a Wall Street Journal report that trade talks between the U.S. and China have hit a snag over farm purchases.

Investors are struggling to get a grip on where the trade talks stand or what a possible trade deal between the U.S. and China might include.

"Markets can't even define what they're looking for right now," said Geoffrey Yu, head of the U.K. investment office at the wealth-management arm of UBS.

Investors reached for haven assets, with the Japanese yen up 0.2% against the dollar. Gold appreciated 0.4% and government bond yields fell. The yield on the 10-year German bund fell to minus 0.330% from minus 0.297% Wednesday afternoon. The U.S. 10-year Treasury slid to 1.836% from 1.870% Wednesday. Yields fall when prices rise.

Asian stocks were mixed, with the Shanghai Composite up 0.2% while Hong Kong's Hang Seng waned 0.9% as antigovernment protests snarled the city. Clashes between police and protesters have intensified in recent days. Japan's Nikkei 225 fell 0.8% following weaker-than-expected third-quarter gross domestic product data, and Korea's Kospi gained 0.8%.

In Turkey, the lira weakened 0.4% against the dollar after a long-awaited meeting Wednesday between President Trump and Turkey's President Recep Tayyip Erdogan. The talks didn't yield a resolution to issues that have divided the two nations, including Turkey's purchase of a Russian air-defense system and the U.S. partnership with the Kurdish-led Syrian Democratic Forces.

The number of U.S. workers applying for first-time unemployment benefits rose to the highest level in four months last week, the Labor Department said Thursday. Federal Reserve Chairman Jerome Powell will testify in front of the House Budget Committee later.

Write to Caitlin Ostroff at caitlin.ostroff@wsj.com

 

(END) Dow Jones Newswires

November 14, 2019 09:53 ET (14:53 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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