U.S. equities finished the day mixed as investors weighed U.S.-China trade developments and escalating tensions in Hong Kong. The Dow gained 10 points closing at a record high, while the S&P 500 lost 0.2%. The Nasdaq Composite ticked down 0.1%.
Over the weekend President Trump commented that negotiations with China are moving along “very nicely,” but made clear that an agreement has not been reached and tariffs would not be eliminated. A violent turn of protests in Hong Kong further promoted a perceived “risk-off” mood around the globe. Today’s mixed session follows a record setting week on Wall Street, in which the Dow and S&P 500 both topped all-time highs and recorded their fifth straight weekly advance, the longest such streak since February. There were no notable economic data releases today, and bond markets were closed in observance of the Veteran’s Day holiday.
Eight of 11 S&P 500 sectors finished the session in negative territory with the Real Estate and Industrial sectors advancing. In corporate news, Boeing jumped 4.7% after announcing that it expects to resume deliveries of the 737 MAX in December, as well as resume commercial flights in January 2020. Alibaba ended the day essentially flat, despite the Chinese e-commerce giant breaking the record for sales figure during its “Singles’ Day” event. Shares of Walgreens Boots Alliance rose 5.1% amid news private equity firm KKR formally offered to take the pharmacy retail giant private. Shares of Tesla advanced 2.4% after receiving a price target increase on Wall Street.