Stocks dip as trade optimism fades

Credit: Reuters Studio
Published on June 11, 2019 - Duration: 01:43s

Stocks dip as trade optimism fades

Wall Street posted modest losses Tuesday, snapping a five-session winning streak, amid renewed doubts the U.S. and China are close to ending their trade war.

Conway G.

Gittens reports.

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Stocks dip as trade optimism fades

A tug-of-war on Wall Street Tuesday as investors tried to figure out which way to go.

In the end, there were minor losses across the board with the stock market ending a five-session winning streak.

Randy Watts, chief investment strategist at William O'Neil, is advising investors to do a little buying here and there.

SOUNDBITE (ENGLISH): RANDY WATTS, CHIEF INVESTMENT STRATEGIST, WILLIAM O'NEIL, SAYING: "It's okay to commit a little bit of new capital but we will not be going all in right now, we would do it on a gradual basis.

We really want to see the Nasdaq regain its 50-day moving average and we really want to see the market broaden.

I think if breadth stays as narrow as it's been, it is going to be tough for the market to make major progress right here." Tuesday's market softness came on the back of trade comments from President Trump.

He said there could be more tariffs slapped on Chinese goods if a G20 meeting with Chinese President Xi Jinping fails to yield any results.

Footwear maker Crocs isn't waiting around to find out.

The company said it plans to reduce Chinese production by more than two-thirds by 2020.

Boeing shares were under pressure.

May plane deliveries plunged 56% from the same time last year due to suspended deliveries of its top-selling 737 MAX jet.

That model has been grounded after a deadly crash in March.

Amazon is calling it quits when it comes to its restaurant food delivery service.

Competition is steep with GrubHub, DoorDash, and Uber Eats all operating in the space.

On the data front, there's a whiff of inflation in the air.

Producer prices, excluding food and energy, rose 0.4 percent in May - the second such rise in two months.

That uptick in prices could give the Federal Reserve the cover to remain on pause, even though Wall Street predicts there will at least be two rate cuts this year.

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