BackWall Street slips as investors look for concrete details on US-China trade deal
US to modify tariffs in a 'significant way'; China to buy substantially more US goods and servicesAll three major stock indexes hit fresh record highs earlier in the session, but turned lower after comments that a deal had not yet been formally signed
PremiumWall Street fell in volatile trading on Friday, as investors remained confused about signs of progress on a US-China trade deal despite comments from both sides that they had arrived at an initial agreement.
All three major stock indexes hit fresh record highs earlier in the session as Beijing said it had agreed on the context of a trade pact with Washington, but turned lower after comments that a deal had not yet been formally signed.
"At this point, I don't think we know what we know about the deal ... so markets are going to pause, and wait and see," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
US investors also missed out on a global rally fueled by a landslide victory for British Prime Minister Boris Johnson that paves the way for an orderly Brexit and lifts some of the fog on the global economic horizon.
At home, political clouds gathered as the U.S. House of Representatives committee approved charges of abuse of power and obstruction against President Donald Trump, making it almost certain he will become the third American president in history to be impeached.
A positive tone on trade, a dovish Federal Reserve and strong domestic economic data have fueled a recent Wall Street rally, with the benchmark S&P 500 up about 26% so far this year and on track for its best annual performance in six years.
At 11:32 a.m. ET the Dow Jones Industrial Average was down 78.19 points, or 0.28%, at 28,053.86, the S&P 500 was down 9.28 points, or 0.29%, at 3,159.29 and the Nasdaq Composite was down 9.94 points, or 0.11%, at 8,707.38.
Broadcom Inc dropped 5% as analysts were wary of the chipmaker's revenue forecast for 2020.
Adobe Inc rose 5% after the company beat analysts' estimates for fourth-quarter revenue and profit.
Declining issues outnumbered advancers for a 1.29-to-1 ratio on the NYSE and for a 1.59-to-1 ratio on the Nasdaq.
The S&P index recorded 71 new 52-week highs and one new low, while the Nasdaq recorded 89 new highs and 34 new lows.
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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
