Dow Jones Industrial Average falls 95 points
The Dow fell 95.70 points, or 0.36% to close at 26,478.02. The S&P 500 slipped 0.45% to close at 2,938.79. The Nasdaq Composite pulled back 0.33% to end the day at 7,956.29. Stocks traded in a tight range for most of the session as investors awaited trade talks between China and the U.S. later this week.
Looming US-China trade talks keep stocks on hold
China and the U.S. are set to meet between Thursday and Friday of this week. While few investors are expecting the two sides to iron out a full-blown trade deal, Wall Street will be looking for signs of progress from the negotiations. On Sunday, Bloomberg News reported that Chinese officials were reluctant to agree to a broad trade deal at these negotiations. The U.S.-China trade war has dragged on for more than a year, hindering investor confidence and dampening growth expectations.
Uber gets boost from upgrade, Nvidia lifted by higher price target
Uber shares rose more than 2.8% after an analyst at Citi upgraded them to buy from neutral. The Citi analyst cited “an improving Rides backdrop” as one of the reasons for the upgrade. Another analyst at Evercore ISI raised his price target on Nvidia to $225 per share from $185.
What happens next?
Wall Street will continue to monitor any developments around the U.S.-China trade negotiations. Investors will also digest key inflation data as the producer price index reading for September is set for release Tuesday at 8:30 a.m. ET. A stronger-than-expected PPI reading could raise concern over whether the Federal Reserve will cut rates later this month, as is widely expected. Read more here.
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