Wall Street ended the day close to where it began. The Dow snapped a four-day winning streak. The S&P 500 was nearly flat at 2832. And the Nasdaq inched a tenth percent higher to 7723. Reports that China is pushing back on U.S. demands in trade talks offset investor optimism that the Federal Reserve would affirm its dovish policy stance.
Vespula Capital CEO, Jeff Tomasulo.
SOUNDBITE: VESPULA CAPITAL CEO, JEFF TOMASULO (ENGLISH) SAYING:
"Now, everything is geared around this trade deal. And I think you know, I see it every time there's good news, the market goes up. There's bad news, the market goes down. And kind of the way we're playing it is, we think, the trade deal's going to have to happen. We know both countries need it, especially the president of our United States. He needs it as a win. So when that news comes out, we're going to actually be sellers."
Among the leading gainers on the S&P: Facebook and Nvidia. Facebook's photo-sharing app, Instagram, launched a shopping feature that allows users to buy fashion goods without leaving the app.
Nvidia shares jumped. The chip designer is partnering with Japan's Softbank Group and South Korea's LG Uplus. Together, they'll deploy cloud gaming servers in Japan and Korea later this year.
Shares of Yum Brands dipped while Domino's Pizza rose. J.P. Morgan downgraded the fast-food chain owner's stock to "neutral" from "overweight" but upgraded the pizza delivery company's shares to "overweight" from "neutral".