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US stocks dip amid cloudy outlook for trade deal

Optimism about trade has lifted US stocks to records in recent sessions but those gains are vulnerable if the talks fall apart.

AFP|
Nov 21, 2019, 09.23 PM IST
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AFP
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Wall Street stocks dipped early Thursday amid continued murkiness in the US-China trade talks, while Macy's tumbled following poor results.

Investors remained cautious on the US-China negotiations after US President Donald Trump said late Wednesday that China was not "stepping up" sufficiently to finalize a preliminary accord struck last month.

Optimism about trade has lifted US stocks to records in recent sessions but those gains are vulnerable if the talks fall apart.

The Organization for Economic Cooperation and Development on Thursday said the global economy was headed for its weakest growth since the financial crisis, citing the trade fight as a big factor.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 27,768.80, down 0.2 percent.

The broad-based S&P 500 also shed 0.2 percent to 3,101.88, along with the tech-rich Nasdaq Composite Index, which was at 8,514.12.

Macy's fell two percent as it reported a 3.9 percent decline in comparable sales at company-owned stores in the third quarter and cut its annual forecasts, citing a number of issues, including soft business from international tourists and a glitch with its online platform.

TD Ameritrade surged 16.1 percent following reports it is close to a deal to be bought by fellow online brokerage Charles Schwab as the industry reels from competition over low trading fees. Schwab rose eight percent.
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