Stocks finished little changed Monday. The Dow was off 53 points to 25,053 while the S&P 500 added a point to 2,709. The Nasdaq Composite gained 9 points to 7,307.
The major averages hovered near the flat-line as investors awaited further trade updates. U.S. and Chinese trade officials are set to resume negotiations on Wednesday as the two delegations are attempting to finalize a new agreement prior to March 1st. A report today indicated President Trump and Chinese President Xi may have additional trade discussions in mid-March. Market participants also kept a watchful eye on Capitol Hill as lawmakers continue to debate separate budget proposals ahead of Friday’s deadline to fund the federal government. There were no notable economic releases today.
Eight of 11 S&P 500 sectors finished in positive territory as Industrials paced gains. Shares of Norfolk Southern added 3.2% to $176.95 after the railroad operator announced a strategic plan to increase revenues. Communication Services underperformed as Activision-Blizzard slipped 7.6% to $40.11 amid reports the video game maker plans to cut its workforce. In corporate news, Tesla advanced 2.3% to $312.84 after the electric vehicle maker was the subject of an analyst upgrade.
Breadth was positive on issues by roughly 2:1 on the NYSE and by 3:2 the Nasdaq. Composite NYSE Volume totaled more than 3.3 billion shares.
Treasuries weakened along the curve with the yield on the 10-year note up two basis point to 2.66%. In commodities, WTI crude lost 0.6% to $52.39/barrel. COMEX gold declined 0.5% to $1,307.00/ounce amid a stronger dollar.