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%.

Must Read

Investors to seek any hint of Yellen timetable on...

Aug 26, 2016

Investors to seek any hint in Yellen speech of a timetable for next rate hikes

US wants to force lower speeds on truck and bus...

Aug 26, 2016

The U.S. wants to forcibly limit how fast trucks, buses and other large vehicles can drive on the...

US bank earnings in Q2 climbed 1.4 percent to...

Aug 30, 2016

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

USDA to reopen offices closed after email threats

Aug 31, 2016

The Agriculture Department will reopen some offices that were closed Tuesday after an unspecified...

Senators want info on driver of bus that crashed,...

Aug 31, 2016

Louisiana's U.S. senators and the Senate Judiciary Committee chairman want information about the...

Sign up now!

About Us

In The Headline sought to bring professionalism back into journalism, bringing you only the most exclusive and the most impactive news from all over the globe.

Contact us: sales[at]intheheadline.com