U.S. stocks opened flat on Thursday following a recent run of gains, as lack of fresh developments on trade talks with China and worries about global economic growth kept risk appetite in check.
FILE PHOTO: Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., April 2, 2019. REUTERS/Lucas Jackson/File Photo 04 Apr 2019 09:45PM(Updated: 05 Apr 2019 01:40AM) Share this content
REUTERS: The S&P 500 hovered near six-month highs on Thursday, with losses in technology stocks countered by gains in Boeing Co and Facebook Inc, as investors waited for more clarity on the U.S.-China trade talks.
Negotiations continued in Washington after meetings last week in Beijing, as the two countries worked toward resolving their long-standing trade dispute which has cast a shadow over global economic growth.
President Donald Trump is set to meet Vice Premier Liu He, who is leading the Chinese side in the talks, later on Thursday.
“The market is taking a breather today. It’s in a kind of wait-and-see period after a week of strong rally,” said Paul Brigandi, head of trading at Direxion Funds in New York.
“We’re awaiting some more details on the U.S.-China negotiations and we’re awaiting the jobs report. That’s giving people reason to wait and see what the next steps are.”
Investors will get a clearer picture of the strength in the labor market on Friday, when the non-farm payrolls report is expected.
Hopes of a trade deal have driven the S&P 500 to a strong start since the beginning of the quarter and it has closed higher all of this week. The index is near its highest since Oct. 10 and 2per cent away