Markets Right Now: Stocks slip on consumer confidence drop
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are lower at midday on Wall Street Tuesday as a sharp drop in a reading on U.S. consumer confidence outweighs optimism surrounding U.S.-China trade negotiations.
The Conference Board’s consumer confidence index fell to 125.1 in September from a revised August reading of 134.2. Consumer spending has supported the U.S. economy amid a slowdown in manufacturing.
Consumer-focused stocks declined. Harley-Davidson fell 2.8% and Under Armour dropped 1.7%.
Stocks rose earlier after Treasury Secretary Steven Mnuchin confirmed top-level trade talks are set for the week of Oct. 7.
The S&P 500 fell 4 points, or 0.1%, to 2,987. The Dow Jones Industrial Average slipped 4 points to 26,994. The Nasdaq dropped 50 points, or 0.6%, to 8,061.
Bonds rose. The yield on the 10-year Treasury fell to 1.66% from 1.70% Monday.
Stocks are rising at the open on Wall Street Tuesday after U.S. Treasury Secretary Steven Mnuchin confirmed that China-U.S. trade talks were due to resume in two weeks’ time.
Technology stocks were the early market leaders. Apple rose 1% after analysts at Jefferies upgraded the stock to a “buy.”
Consumer-focused stocks also rose. CarMax gained 1.1% after the auto dealer’s quarterly results beat analysts’ estimates.
Mnuchin late Monday confirmed top-level trade talks are still set for the week of Oct. 7.
The S&P 500 rose 14 points, or 0.5%, to 3,006. The Dow Jones Industrial Average gained 119 points, or 0.4%, to 27,069.
The Nasdaq rose 44 points, or 0.6%, to 8,156.
Bonds rose slightly. The yield on the 10-year Treasury slipped to 1.69%.