Stock market news live: Stocks open little changed before U.S.-China deal signing - Yahoo Finance

U.S. stocks took a breather Wednesday morning as investors monitored another batch of corporate earnings results and waited for an early trade deal between the U.S. and China to be signed later in the day.

—

9:32 a.m. ET: Stocks open flat

Stocks were little changed around market open Wednesday ahead of a planned signing of a U.S.-China phase one trade deal slated for 11:30 a.m. ET.

Here were the main moves in markets, as of 9:33 a.m. ET:

• S&P 500 (^GSPC): +0.03% or +1.09 points to 3,284.24

• Dow (^DJI): -0.06% or -16.81 points to 28,922.86

• Nasdaq (^IXIC): +0.24% or +20.53 points to 9,271.21

• Crude oil (CL=F): -0.26% or -$0.15 to 58.08 a barrel

• Gold (GC=F): +0.6% or -$9.30 to $1,553.90 per ounce

—

8:34 a.m. ET: Goldman, BofA deliver mixed earnings results

Goldman Sachs (GS) and Bank of America (BAC) were the two latest banks to deliver fourth-quarter results, on the heels of record results from JPMorgan Chase and a solid performance from Citigroup reported Tuesday.

Goldman Sachs topped expectations on overall revenue but missed on fourth-quarter profit, with the bank’s costs rising due to litigation expenses and investments in technology and its newer consumer banking unit.

Bank of America posted stronger-than-expected profit, but net income in its key consumer banking unit edged down over the year prior as net interest income fell in a lower-rate environment. The bank derives more than 40% of its revenue from consumer banking.

Both Goldman and BAC posted estimates-topping fixed-income trading revenues, extending a trend seen by other big banks this week after stronger market activity at the end of last year versus 2018. Goldman Sachs’s bond-trading revenues grew 63% over last year, while Bank of America’s rose 25%.

—

8:30 a.m. ET: Producer prices rise less than expected in December

Producer prices in the U.S. ticked up just modestly in December, rising 0.1% for the month versus a 0.2% increase expected, according to Bloomberg-compiled consensus data. Producer prices had been unchanged in November.

Excluding more volatile food and energy prices, the Department of Labor’s producer price index also rose 0.1%, below the 0.2% increase expected. However, this still marked an increase compared to the 0.2% decline on this metric posted in November.

Wednesday’s PPI report follows data Tuesday showing just a small uptick in consumer prices in December, further indicating tame inflationary pressures.

—

7:36 a.m. ET: Stock futures mixed ahead of China trade deal signing

Stock futures were mixed Wednesday morning as investors awaited the signing of a phase one trade deal between the U.S. and China.

The signing ceremony is is expected to take place at the White House at 11:30 a.m. ET, with President Donald Trump signing the deal along with Chinese Vice Premier Liu He.

This comes following a report from Bloomberg Tuesday that existing tariffs on Chinese imports would remain in place for the period at least through the 2020 elections.

In a joint response to the report, Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer said that all aspects of the deal would be made public Wednesday, except for a confidential annex with detailed purchase amounts. There was no agreement in place for future tariff reductions, they said in the statement.

Here were the main moves during the pre-market session, as of 7:36 a.m. ET:

• S&P futures (ES=F): 3,288.75, down 1 point or 0.03%

• Dow futures (YM=F): 28,892, up 21 points or 0.07%

• Nasdaq futures (NQ=F): 9,081.25, down 7 points or 0.08%

• Crude oil (CL=F): $58.45 per barrel, up $0.37 or 0.64%

• Gold (GC=F): $1,543.20 per ounce, down $7.40 or 0.48%

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., December 17, 2019. REUTERS/Brendan McDermid

—

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.

Find live stock market quotes and the latest business and finance news

Let's block ads! (Why?)

Business - Latest - Google News
January 15, 2020 at 09:34PM
https://ift.tt/2u6lbcj

Stock market news live: Stocks open little changed before U.S.-China deal signing - Yahoo Finance
Business - Latest - Google News
https://ift.tt/2Rx7A4Y

Bagikan Berita Ini