US stocks edge down, snapping winning streak

US stocks edge down, snapping winning streak

NYSE Jun11
GigCapital2 CEO Dr Avi Katz (fourth from right) gives a thumbs-up as he rings the New York Stock Exchange opening bell, on Jun 11, 2019, to celebrate the recent IPO of the company. (AP Photo/Richard Drew)

NEW YORK: Wall Street stocks finished slightly lower on Tuesday (Jun 11) as lingering anxiety over the US-China trade clash and buying fatigue snapped the Dow's six-session winning streak.

"The market was exhausted," said Nate Thooft, senior portfolio manager of Manulife Asset Management. "It's digesting gains."

The Dow Jones Industrial Average shed 14.17 points (0.05 per cent) to 26,048.51.

The broad-based S&P 500 ended down 1.01 points (0.03 per cent) at 2,885.72, while the tech-rich Nasdaq Composite Index was essentially flat at 7,822.57.

After falling in May, US stocks have been on a tear through the first part of June following dovish commentary from Federal Reserve officials that has offset unease over trade.

President Donald Trump's decision over the weekend to call off tariffs on Mexico has also boosted sentiment, although the ongoing trade war between Beijing and Washington remains a concern for investors.

Commerce Secretary Wilbur Ross said Tuesday that the Group of 20 summit later this month could lead to progress towards a trade deal with China but is not the venue for a "definitive agreement."

Sprint fell 5.9 per cent and T-Mobile 1.6 per cent after a lawsuit led by California, New York and other states challenged the companies' proposed US$26 billion merger, arguing that the removal of one of the biggest telecom companies would harm consumers.

Investors also sold off defense companies United Technologies and Raytheon in the second session after the companies unveiled a "merger of equals." United Technologies dropped for the second straight day, this time by 3.9 per cent. Raytheon, which had risen on Monday, shed 5.1 per cent.

Source: AFP/de