Markets Right Now: Stocks slip on consumer confidence drop

NEW YORK — The latest on developments in financial markets (all times local):

12 p.m.

Stocks are lower at midday on Wall Street Tuesday as a sharp drop in a reading on U.S. consumer confidence outweighs optimism surrounding U.S.-China trade negotiations.

The Conference Board's consumer confidence index fell to 125.1 in September from a revised August reading of 134.2. Consumer spending has supported the U.S. economy amid a slowdown in manufacturing.

Consumer-focused stocks declined. Harley-Davidson fell 2.8% and Under Armour dropped 1.7%.

Stocks rose earlier after Treasury Secretary Steven Mnuchin confirmed top-level trade talks are set for the week of Oct. 7.

The S&P 500 fell 4 points, or 0.1%, to 2,987. The Dow Jones Industrial Average slipped 4 points to 26,994. The Nasdaq dropped 50 points, or 0.6%, to 8,061.

Bonds rose. The yield on the 10-year Treasury fell to 1.66% from 1.70% Monday.

___

9:45 a.m.

Stocks are rising at the open on Wall Street Tuesday after U.S. Treasury Secretary Steven Mnuchin confirmed that China-U.S. trade talks were due to resume in two weeks' time.

Technology stocks were the early market leaders. Apple rose 1% after analysts at Jefferies upgraded the stock to a "buy."

Consumer-focused stocks also rose. CarMax gained 1.1% after the auto dealer's quarterly results beat analysts' estimates.

Mnuchin late Monday confirmed top-level trade talks are still set for the week of Oct. 7.

The S&P 500 rose 14 points, or 0.5%, to 3,006. The Dow Jones Industrial Average gained 119 points, or 0.4%, to 27,069.

The Nasdaq rose 44 points, or 0.6%, to 8,156.

Bonds rose slightly. The yield on the 10-year Treasury slipped to 1.69%.

People also read these

Global stocks lower, except for Tokyo, on Yellen speech

Aug 29, 2016

Most global stocks slipped Monday on remarks from the U.S. Federal Reserve late last week that the case has strengthened for raising interest rates, but the Tokyo market was an exception and gained on prospects for a strong dollar

Iowa at center of debate over 'shadow insurance' deals

Aug 30, 2016

Life insurance companies are setting up "shadow insurers" to take on some of their liabilities and free up some of their reserves

US bank earnings in Q2 climbed 1.4 percent to $43.6B

Aug 30, 2016

U.S. banks' earnings in the April-June period rose 1.4 percent from a year earlier as growth in lending fueled interest income

Subscribe to our newsletter!

Your Name

Your Email Address