NEW YORK (Reuters) – The S&P 500 slipped on Thursday, snapping a three-day streak of gains, as uncertainty over when a trade deal between the United States and China would be reached left investors on edge.
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 13, 2019. REUTERS/Brendan McDermid
U.S. President Donald Trump and Treasury Secretary Steven Mnuchin’s discussions with China to end a months-long trade war are progressing quickly, though Trump said he could not say whether a final deal would be reached.
He and Chinese President Xi Jinping had been expected to hold a summit in Florida this month, but no date has been set. A person familiar with the matter told Reuters there “were rumblings” about a possible meeting late next month.
Bloomberg reported on Thursday that a meeting between the two was more likely to take place in April at the earliest.
Chipmakers, which rely on China for a large portion of their revenue also lost ground with the Philadelphia SE chip index off 0.6 percent.
“The good news is mildly negative news on China trade doesn’t tip the apple cart over anymore,” said Art Hogan, chief market strategist at National Securities in New York.
“But breaking out of the next level of resistance has been a wall to get through. It shows we’re probably range-bound 2,750 to 2,800 until we get answers to China trade, Brexit etc.”
In the latest of a series of votes, British lawmakers voted overwhelmingly on Thursday to seek a delay in Britain’s exit from the European Union.
The Dow Jones Industrial Average rose 7.05 points, or 0.03 percent, to 25,709.94, the S&P 500 lost 2.44 points, or 0.09 percent, to 2,808.48 and the Nasdaq Composite dropped 12.50 points, or 0.16 percent,