US STOCKS-Indexes trade near flat, pause as trade deal doubts resurface

Published 08/11/2019, 21:38
Updated 08/11/2019, 21:45
© Reuters.  US STOCKS-Indexes trade near flat, pause as trade deal doubts resurface

(For a live blog on the U.S. stock market, click LIVE/ or

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* Trump says he has not agreed to roll back tariffs

* Disney rises after streaming expenses come in below

projection

* Gap falls after surprise CEO exit

* Indexes: Dow falls 0.1%, S&P 500 up 0.08%, Nasdaq up 0.3%

(Updates to late afternoon)

By Caroline Valetkevitch

NEW YORK, Nov 8 (Reuters) - U.S. stocks were near unchanged

on Friday after President Donald Trump said he has not agreed to

a rollback of U.S. tariffs sought by China, fueling doubts about

the progress of trade talks between the two countries.

Trump, in remarks to reporters at the White House, poured

cold water on the idea of rolling back the tariffs, something

that he said Beijing would like him to do. On Thursday,

officials from both countries said that the United States and

China had agreed to such a deal.

"Markets are getting tired" of the back-and-forth on the

trade front, said Paul Nolte, portfolio manager at Kingsview

Investment Management in Chicago. "It's gone from the deal is

close, to no, it's not, and we've been through this before."

Helping to boost the S&P 500, Walt Disney Co DIS.N gained

3.6% a day after it reported quarterly results that showed it

spent less than it had projected on its online streaming

service, Disney+. Disney's popular theme parks and a remake of

"The Lion King" lifted earnings. The Dow Jones Industrial Average .DJI fell 27.19 points,

or 0.1%, to 27,647.61, the S&P 500 .SPX gained 2.53 points, or

0.08%, to 3,087.71, and the Nasdaq Composite .IXIC added 27.06

points, or 0.32%, to 8,461.57.

Of the 446 S&P 500 companies that have reported results so

far, roughly three-quarters have beaten profit estimates,

according to IBES data from Refinitiv. The numbers, to some

extent, reflect significantly lowered analysts' forecasts.

Also on Friday, shares of Gap Inc GPS.N fell 7% after the

apparel retailer said Chief Executive Officer Art Peck would

leave the company, a surprise exit in the middle of a

restructuring. Gap also slashed its full-year earnings forecast.

Declining issues outnumbered advancing ones on the NYSE by a

1.04-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.

The S&P 500 posted 23 new 52-week highs and two new lows;

the Nasdaq Composite recorded 68 new highs and 80 new lows.

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