Global stock indices struggled to gain momentum for a third consecutive session as U.S.-China trade negotiations remained stagnant, with the S&P 500 facing resistance near the 2,800 level. Chinese shares, however, surged to a nine-month high amid expectations of economic stimulus measures from Beijing.
Scott Brown, chief economist at Raymond James, noted that market participants lacked clear catalysts to drive significant movement. "There’s not much to push stocks in either direction right now," he said, predicting continued volatility until trade developments become clearer.
The Dow Jones Industrial Average declined 0.32% to 25,723.4, while the S&P 500 dropped 0.34% to 2,780.04. The Nasdaq Composite fell 0.53% to 7,536.14. European markets saw modest declines, though bank stocks rose after reports of potential new ECB lending programs.
The Bank of Canada’s decision to hold interest rates steady amid economic uncertainty contributed to a 0.65% drop in the Canadian dollar against the U.S. dollar, which fell to 1.34 per dollar. The currency reached its weakest level in about two months.
Oil prices edged lower as U.S. crude stockpiles rose more than anticipated. WTI crude fell 0.83% to $56.09 per barrel, while Brent crude declined 0.08% to $65.81. A photo from August 23, 2018, showed London Stock Exchange signage, highlighting ongoing market volatility.
