Stocks fell on Thursday as investors weighed ongoing trade issues and concerns over the whistleblower's complaint about President Trump's July call with Ukraine's president.
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|I:COMP||NASDAQ COMPOSITE INDEX||12377.181515||+27.82||+0.23%|
The Dow Jones Industrial Average lost over 79 points, the Nasdaq Composite 46.72 and the S&P 500 7.22.
On the trade front, while House Speaker Nancy Pelosi said, “We’re moving ahead on USMCA hoping to be on a path, a continuing path to ‘yes,’” while speaking to reporters on Thursday some fellow Democrats indicated ratifying the agreement this year may be a stretch.
As for China, the Commerce Ministry said the U.S. and China remain in close communication ahead of trade talks that are scheduled for next month. Speaking at the United Nations on Wednesday, Trump said China wants "to make a deal very badly" and that one "could happen sooner than you think."
In stock news, the highly anticipated Peloton IPO hit the skids falling over 11 percent closing around the $25 level after the deal priced at $29 per share late Wednesday.
Beyond Meat had a better day as shares surged after McDonald's said it would test the company's plant-based "meat" for PLT (plant, lettuce, and tomato) sandwiches in Canada.
|BYND||BEYOND MEAT INC.||139.35||+0.82||+0.59%|
Shares of two automakers saw stock pops. General Motors was up on reports that the automaker and the UAW are making progress in their negotiations to end the strike now heading into its 12th day on Friday.
Meanwhile, Tesla shares closed up 6% on a leaked memo from CEO Elon Musk that said the company has "a shot'' at delivering 100,000 cars this quarter. The memo was published on the e-car web site, Electrek. The electric-car maker is expected to provide the details of its quarterly vehicle deliveries next week.
Tesla also officially announced a new version of software for its cars launching this week for watching movies and playing games in cars supporting various streaming media including Spotify, TuneIn, and Slacker.
|GM||GENERAL MOTORS COMPANY||44.09||-0.49||-1.10%|
Treasury yields were lower, with the 10-year yield down 4.4 basis points at 1.692 percent.
Ken Martin contributed to this article.