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Dow drops on weak economic data, renewed trade worries, mixed earnings

U.S. stocks closed lower Thursday after renewed worries about a U.S. - China trade deal, more evidence of a slowdown in manufacturing, and mixed corporate earnings.

The weaker tone followed a record close for the S&P 500 after the Fed cut rates for the third time this year, while also signaling that it would pause before making any further moves on monetary policy.
How are major indexes performing?

The Dow Jones Industrial Average DJIA, -0.52% closed 140.46 points, or 0.5%, lower, at 27,046.23, while the S&P 500 index SPX, -0.30% declined 9.21 points, or 0.3%, to finish at 3,037.56. The Nasdaq Composite Index COMP, -0.14% fell 11.62 points, or 0.1%, to end at 8,292.36. All three indexes ended well off session lows.

The major indexes scored monthly gains, with Dow hanging on to a 0.5% October rise, while the S&P 500 rose 2% and the Nasdaq advanced 3.7%.
What’s driving the market?

Chinese officials are expressing doubts about their ability to reach a comprehensive, long-term trade deal with the U.S. despite progress toward signing a “phase one” agreement, Bloomberg reported Thursday.

However, early Thursday President Trump took to Twitter to assuage fears that the cancellation of the Asia-Pacific Economic Cooperation meeting scheduled for next month, where the president and China’s Xi Jinping were expected to agree to a “phase 1” trade deal would impinge on progress in the trade talks.

China and the USA are working on selecting a new site for signing of Phase One of Trade Agreement, about 60% of total deal, after APEC in Chile was canceled do to unrelated circumstances. The new location will be announced soon. President Xi and President Trump will do signing!


— Donald J. Trump (@realDonaldTrump) October 31, 2019

In U.S. economic data, there was more evidence of a slowdown in manufacturing with the Chicago purchasing-managers index falling to 43.2 in October from 47.1 in September, below the 48.3 consensus expectation, according to Econoday.

The poor reading can be blamed in part to the recently-ended worker strike at General Motors GM, +0.03%, argued Joseph Brusuelas, chief economist at RSM, in a tweet. “But make no mistake about it the domestic manufacturing sector is in recession for reasons beyond the strike,” he wrote.


www.marketwatch.com/story/stock-futures-signal-sp-500-to-pull-back-from-record-after-report-says-china-has-doubts-over-trade-deal-2019-10-31?mod=home-page