Stocks slip pulling back from record highs
The Dow and Nasdaq hit records on Tuesday.
U.S. stocks ended the session little changed after reaching new records on Monday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 40589.34 | +654.27 | +1.64% |
| SP500 | S&P 500 | 5459.1 | +59.88 | +1.11% |
| I:COMP | NASDAQ COMPOSITE INDEX | 17357.881578 | +176.16 | +1.03% |
Investors took a breather, digesting reports that phase one of the U.S.-China trade deal could be delayed until December as the two countries determine a location for the signing.
“Negotiations are continuing and progress is being made on the text of the phase-one agreement. We will let you know when we have an announcement on a signing location” said Judd Deere, Deputy Press Secretary. Reuters was the first to report the potential delay.
Late last week, President Trump said Iowa would be a good location for the signing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 64.39 | -1.36 | -2.07% |
| HPQ | HP INC. | 36.34 | +0.09 | +0.25% |
| XRX | XEROX HOLDINGS CORP. | 11.03 | +0.21 | +1.94% |
In corporate news, Uber shares fell after the lock-up period for early investors expired, meaning they could begin selling shares. The ride-hailing giant said on Tuesday that its loss widened from a year ago.
Elsewhere, HP surged after The Wall Street Journal reported Xerox was considering a bid valued at $27 billion.
On the earnings front, Papa John's spiked after reporting a larger-than-expected loss and announcing the departure of CFO Joe Smith and two other executives. On Tuesday evening, founder John Schnatter announced the sale of 1.9 million shares, worth $107.5 million. He explained the decision to FOX Business in an exclusive interview.
CVS gained ground after the drug-store chain beat on both the top and bottom lines and raised its forecast for the full year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PZZA | PAPA JOHN'S INTERNATIONAL INC. | 40.93 | -0.03 | -0.07% |
| CVS | CVS HEALTH CORP. | 61.02 | +2.35 | +4.00% |
Commodities were higher with West Texas Intermediate crude rising above the $66 per barrel level.
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Treasurys reversed some of Tuesday's losses, with modest buying pushing the yield on the 10-year note down 4.1 basis points to 1.825 percent.
Meanwhile, global stock markets were mostly higher Wednesday after reports that an incentive to get the "phase one" trade deal done between the U.S. and China, some tariffs may be rolled back. A 15 percent cut in tariffs on $111 billion in Chinese imports is reportedly being discussed.
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China's central bank helped ease worries about a possible liquidity crunch by cutting its interest rate on a one-year loan by 0.05 percent to 3.25 percent.
FOX Business' Ken Martin and the Associated Press contributed to this article.