WEDNESDAY – Stocks slipped on Wednesday as investors digested mixed news around U.S.-China trade talks along with testimony from the highest-ranking Federal Reserve official.
The Dow Jones Industrial Average traded lower a fraction of a percent. The S&P 500 dipped 0.3% while the Nasdaq Composite also slid 0.3%.
Both the S&P 500 and Nasdaq both notched intraday records in the previous session. The Dow came within a hair of its all-time high on Tuesday.
The U.S. and China are reportedly at loggerheads over tariffs as they seek to conclude phase one of their trade deal. The Wall Street Journal reported Tuesday night, citing people familiar with the talks, that the impasse is on whether the U.S. should remove existing tariffs or would only cancel duties that are set to take effect on Dec. 15.
Meanwhile, Fed Chairman Jerome Powell will address the Congressional Joint Economic Committee later in the day. In prepared remarks, he said the path of Fed interest rates is unlikely to change as long as the economy keeps growing.
On the data front, the U.S. consumer price index rose more than expected in October. The index increased by 0.4% last month, the Labor Department said. Economists polled by Reuters expected a gain of 0.3%.
Check out our best penny stock picks, stocks under $5.00 that are ready to move!