The U.S. stock market showed limited movement on Wednesday amid ongoing uncertainty about U.S.-China trade talks, with the S&P 500 index failing to surpass the 2,800 threshold despite an 11% annual gain. The benchmark closed 0.22% lower at 2,783.55, while the Dow and Nasdaq also posted declines.
Market participants remained cautious as no major developments emerged to drive momentum. 'There’s not much to push markets in either direction right now,' said Scott Brown, chief economist at Raymond James, noting the current volatility reflects lingering uncertainty. The S&P 500 has struggled to break above the 2,800 level, closing lower in five of the past six sessions.
General Electric Co. led losses, falling 4.08% after warning of negative industrial cash flow for 2019. The decline dragged down the industrials sector, which dropped 0.17%, while consumer discretionary stocks gained 0.13% amid mixed performance across sectors.
Dollar Tree Inc. rose 3.3% on stronger-than-expected sales, and L Brands climbed 1.23% after activist investor Barington Capital advocated for a corporate restructuring. Meanwhile, Exxon Mobil Corp. fell 2.76% as it announced a 10-16% increase in capital spending to boost oil production.
The energy sector declined 1.36%, and the broader market largely ignored a report showing the U.S. trade deficit reached a 10-year high in 2018, including a record shortfall with China. The Federal Reserve’s Beige Book economic report was expected later in the day.
Advancing issues outpaced declining stocks on the NYSE and Nasdaq, with the S&P 500 recording seven new 52-week highs and the Nasdaq posting 10 new highs.
