Global stock markets declined for a third consecutive session as major U.S. indices struggled to break through key resistance levels, with the S&P 500 hitting a critical threshold around 2,800. Analysts noted a lack of progress in U.S.-China trade talks left investors hesitant, creating a stalemate in market momentum.
Eric Wiegand, a senior portfolio manager at U.S. Bank Wealth Management, described the market environment as stagnant. "We’re just kind of treading water, waiting for confirmation one way or the other," he said. "Posturing rather than policy has left investors seeking clarity at these levels." The Dow Jones Industrial Average dropped 0.51% to 25,674.41, while the S&P 500 fell 0.65% to 2,771.49 and the Nasdaq Composite declined 0.93% to 7,505.92.
Chinese shares surged to a nine-month high amid expectations of additional economic stimulus measures. Meanwhile, European markets closed near flat as auto sector performance and fading confidence in a year-long rally weighed on sentiment. The pan-European STOXX 600 index slipped 0.04%, and the MSCI global index fell 0.38%.
The Bank of Canada’s decision to maintain interest rates amid economic uncertainty sent the Canadian dollar to a two-month low against the U.S. dollar. The currency fell 0.64% to 1.34 per dollar, while the dollar index edged down 0.01% and the euro rose to $1.1311.
Despite central bank caution, U.S. economic data showed continued growth in early 2019, even as a 35-day government shutdown and global slowdowns posed challenges. Oil prices fluctuated, with U.S. crude settling 0.6% lower at $56.22 per barrel and Brent crude rising to $65.99.
