Wall Street slips following report trade deal could be delayed

By Caroline Valetkevitch

NEW YORK (Reuters) – U.S. stocks slipped on Wednesday following a Reuters report the U.S.-China trade deal could be delayed until December.

A senior official of the Trump administration said a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December, as discussions continue over terms and a venue.

Stocks were mostly flat before the report, pausing after their recent run to record highs.

The year end is typically a bullish time for stocks, but the trade war is still a risk, said Quincy Krosby, chief market strategist at Prudential Financial (NYSE:) in Newark, New Jersey.

Also, “there’s been concern the market was moving toward overbought conditions,” she said.

The Dow Jones Industrial Average () fell 36.34 points, or 0.13%, to 27,456.29, the S&P 500 () lost 3.93 points, or 0.13%, to 3,070.69 and the Nasdaq Composite () dropped 39.58 points, or 0.47%, to 8,395.10.

The recent rally had been fueled by signs of progress in trade talks between the United States and China and a mostly upbeat earnings season.

The S&P 500 energy index () fell 1.9% following declines in oil prices, while the S&P tech index () was down 0.2%.

Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.78-to-1 ratio favored decliners.

The S&P 500 posted 11 new 52-week highs and 1 new low; the Nasdaq Composite recorded 55 new highs and 48 new lows.

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