Stocks were little changed Monday as traders pauses after three consecutive days of gains.
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Macy’s was among the worst-performing stocks in the S&P 500 after an analyst at Goldman Sachs downgraded it to sell from neutral.
The major averages rose to near-record highs late last week, boosted a U.S. jobs report that easily topped analyst expectations. The world’s largest economy added 266,000 jobs in November, according to data released by the Labor Department.
The Dow rallied more than 300 points on Friday while the S&P 500 came back to post a slight weekly gain. Friday’s strong session came after the market got off to a slow start last week amid worries over U.S.-China trade relations.
“We were impressed by the counterattack by the bulls,” JC O’Hara, chief market technician at MKM Partners, said in a note. “Last week, while selling pressure did pick up, it was not intense enough for us to reverse our positive outlook on equities. Our shorter-term indicators did not fully reset, but that shows just how aggressive the bulls are.”
During Monday’s session, investor focus turned back to the prospect of a limited trade agreement between the U.S. and China, with less than a week to go before Washington is set to impose even more tariffs on Chinese goods.
China Assistant Commerce Minister Ren Hongbin said Monday the country hopes to make a deal with the U.S. “as soon as possible.” Ren’s comment came after data showed Chinese exports fell for a fourth straight month in November, potentially increasing pressure on China to make a deal.
Larry Kudlow, director of the White House National Economic Council, told CNBC on Friday that both sides were “close” to a deal, but suggested Trump was prepared to “walk away” if certain conditions were not met. Kudlow also confirmed that a Dec. 15 deadline remained in place to impose tariffs on another $156 billion on Chinese goods.
The U.S. and China have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
CNBC’s Sam Meredith contributed to this report.
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December 09, 2019 at 09:30PM
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Stocks fall for the first time in four days - msnNOW
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