Stocks reverse despite easing trade tensions
Stocks retreated Wednesday, with all three major U.S. indexes turning negative after what was a fairly upbeat session.
The tech-heavy Nasdaq Composite led the selloff with Amazon, Google and Netflix among the biggest drags.
The Dow Jones Industrial Average lost 165.52 points, or 0.68%, to 24,117.59. The S&P 500 fell 23.43 points, about 0.8%, to 2,699.63. The Nasdaq Composite dropped 116.54 points, or 1.54%, to 7,445.08.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38503.69 | +263.71 | +0.69% |
| SP500 | S&P 500 | 5070.55 | +59.95 | +1.20% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15696.639958 | +245.33 | +1.59% |
All three major U.S. stock indexes started off in positive territory after a White House statement on Chinese investments eased trade tensions.
Wednesday morning, the Trump administration said it would use an interagency Committee on Foreign Investment in the United States, or CFIUS, to look at foreign purchases of technologies.
On the economic calendar, traders digested the latest durable goods orders, which declined 0.6% in May. Minus transportation they fell by 0.3%. Pending home sales decreased by 0.5% to 105.9 in May.
China and Hong Kong stocks fell on Wednesday amid trade war fears.
Gold was lower again Wednesday after closing at its lowest price since mid-December on Tuesday.
Oil’s rally stretched into a second session, with the commodity climbing to its highest price since November 2014. The ascent comes after the U.S. pushed its allies to halt imports of Iranian crude oil.
FOX Business’ Ken Martin contributed to this article.