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© Reuters.Investing.com – Stocks overall pulled back modestly Tuesday, despite nibbling at energy, health care and tech stocks, as investors await trade news and a decision from the Federal Reserve.
The and the were each down 0.1%. The slipped 0.07%, and the index dipped 0.1%. The index ended essentially flat.
The waiting was the story. The first question was whether the Trump Administration will impose new tariffs on a host of imports from China, including cell phones, notebook computers and even frozen fish. The tariffs are supposed to be imposed on Sunday.
The talk in Washington was the United States and China were working on a deal to delay the tariffs while negotiations on a trade deal continue. And a phase one deal might include rolling back tariffs imposed in September.
The second question is what the Federal Reserve will decide Wednesday afternoon on interest rates. The central bank is widely expected to . Chairman Jerome Powell has said further cuts are not needed in an economy that’s growing steadily.
There was some certain news. The Trump Administration and Congress have agreed on a new treaty with Canada and Mexico to replace that North American Free Trade Agreement.
The market seemed to ignore the ongoing impeachment process. House Democrats said they would push two articles of impeachment against President Trump.
Tesla (NASDAQ:) was among the day’s winners on reports that sales in China are doing well. Also moving higher were Apache (NYSE:) and Devon Energy (NYSE:) as oil prices moved up a little. Autoparts retailer AutoZone (NYSE:) jumped 6.9% after a bullish earnings report late Monday.
UnitedHealth Group (NYSE:) and Apple (NASDAQ:) were the top gainers among the 30 stocks. Merck (NYSE:) hit a 52-week high.
Retailing stocks generally had a good day with decent gains from Dillards (NYSE:), Macy’s Inc (NYSE:) and Gap (NYSE:)
Netflix (NASDAQ:) and Peloton Interactive (NASDAQ:) were weak on worries about their business prospects.
Netflix fell 3.1%, the weakest performance among components, after Needham analyst Laura Martin downgraded the stock to underperform, saying the company could lose up to 4 million subscribers to cheaper streaming plans. Peloton Interactive fell 5.7% after short-seller firm Citron Research said the stock was wroth maybe $5.
prices were higher. Interest rates also moved up, which weighed on housing stocks.
was up 22 cents to $59.24 a barrel. the global benchmark rose 9 cents to $64.34.
Auto parts retailers, AutoZone (NYSE:) and Advance Auto Parts (NYSE:), cybersecurity company NortonLifeLock (NASDAQ:) (a possible takeover/buyout candidate) and gaming publisher Activision Blizzard Inc (NASDAQ:) were among the top performers on the day.
Mutual-fund company Franklin Resources (NYSE:), flooring manufacturer Mohawk Industries (NYSE:), financial services company Cboe Global Markets (NYSE:) and Netflix (NASDAQ:) were among the weakest S&P 500 performers.
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