Stocks finished mixed Wednesday as investors assessed the latest news surrounding U.S.-China trade relations. The Dow added 2 points, while the S&P 500 lost 0.2%, and Nasdaq Composite fell 0.3%.
U.S. equities fluctuated, with investor sentiment lifted mid-day following a tweet from President Trump. His message reassured market participants that Chinese delegates are traveling to Washington to solidify a final trade pact. A prior report from Reuters had indicated Beijing backtracked on key commitments in the draft trade deal. The Industrials sector, which has recently served as a proxy of the trade dispute, finished just above the flat line but remains down 3% for the week.
In corporate news, Electronic Arts rose 1.2% to $93.88 after the game developer topped consensus projections. Meanwhile, U.S. Steel lost 6.2% to $15.40 following an analyst downgrade. Intel fell 2.5% to $49.24 following disappointing guidance at its Investor Day. In M&A news, Andeavor Logistics climbed 7.6% to $35.30 after agreeing to be acquired by Marathon Petroleum for $9 billion.
Treasuries erased earlier gains to finish lower, with the yield on the 10-year note up three basis points to 2.48%. On the data front, the lone domestic update showed mortgage applications rose 2.7% in the last week after dipping 4.3% during the prior period. In commodities, WTI crude climbed 0.8% to $61.91/barrel following a surprise drawdown in U.S. inventories. COMEX gold dipped 0.3% to $1,282.20 after rising to the highest level in more than three weeks.
Breadth was negative by 3:2 on the NYSE and 6:5 on the Nasdaq. Composite NYSE volume was more than 3.4 billion shares.