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US STOCKS-Wall St slips as trade deal doubts return

Published 18/11/2019, 16:51
© Reuters.  US STOCKS-Wall St slips as trade deal doubts return
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(For a live blog on the U.S. stock market, click LIVE/ or

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* Trade deal mood in Beijing pessimistic - CNBC

* HP dips after rejecting Xerox's $33.5 bln bid

* Coty gains on $600 mln majority stake in Kylie Jenner

businesses

* Indexes off: Dow 0.06%, S&P 0.24%, Nasdaq 0.37%

(Updates to open)

By Arjun Panchadar

Nov 18 (Reuters) - Wall Street's main indexes eased from

record levels on Monday after a report stoked fresh fears about

a resolution to the U.S.-China trade dispute that has hit global

growth and roiled financial markets over the past 16 months.

The mood in Beijing about a deal was pessimistic due to

President Donald Trump's reluctance to roll back tariffs, CNBC

reported, citing a government source. Investors had turned optimistic over the weekend after

Chinese state media said the two sides had held "constructive"

trade talks, days after White House economic adviser Larry

Kudlow said they were getting close to a trade deal.

"This is a market that's going to live or die by the tone

around trade," said Art Hogan, chief market strategist at

National Securities in New York.

"There is some good news that's baked into this market, so

when we get bad news (it's) going to roll over."

Seven of the 11 major S&P 500 sectors were lower, with the

energy sector leading declines after a fall in oil prices.

Technology shares .SPLRCT dropped 0.36%, while the

trade-sensitive Philadelphia Semiconductor index .SOX was down

0.42%. O/R

Global stocks were lifted earlier by a surprise cut in a key

interest rate by China for the first time in more than four

years. MKTS/GLOB

Attention this week turns to minutes on Wednesday from the

Federal Reserve's latest policy meeting, where the central bank

cut interest rates for the third time this year.

Also on the radar are results from U.S. retailers such as

Home Depot Inc HD.N , Kohl's Corp KSS.N and Target Corp

TGT.N following a stronger-than-expected third-quarter

earnings season.

At 10:26 a.m. ET, the Dow Jones Industrial Average .DJI

was down 15.94 points, or 0.06%, at 27,988.95, the S&P 500

.SPX was down 7.53 points, or 0.24%, at 3,112.93 and the

Nasdaq Composite .IXIC was down 31.91 points, or 0.37%, at

8,508.92.

Shares of HP Inc HPQ.N dipped 0.94% after the company

rebuffed a $33.5 billion offer from Xerox Holdings Corp XRX.N

and said it was open to exploring a bid for the latter. Xerox

dropped 0.87%. Coty Inc COTY.N gained 1.9% after saying it would pay $600

million for a majority stake in Kylie Jenner's make-up and

skincare businesses, as it looks to tap into the reality TV

star's huge social media reach. Declining issues outnumbered advancers for a 1.45-to-1 ratio

on the NYSE and for a 1.64-to-1 ratio on the Nasdaq. The S&P

index recorded 32 new 52-week highs and no new lows, while the

Nasdaq recorded 64 new highs and 69 new lows.

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