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06-Sep2018

US markets end mostly lower on Wednesday

Following the modest weakness seen in the last session, the US markets ended mostly lower on Wednesday as investors braced for another round of trade negotiations between the US and Canada. Canadian Prime Minister Justin Trudeau has indicated Canada will not bend on key demands regarding NAFTA in talks with the US this week. Trudeau added there are a number of things they absolutely must see in a renegotiated NAFTA.  Besides, a sharp sell-off in tech pushed the Nasdaq Composite and S&P 500 lower. The weakness in tech stocks came as Facebook Inc. and Twitter Inc. executives testified on Capitol Hill about online misinformation. Further, there was some cautiousness in the markets on reports that President Donald Trump intends to impose tariffs on another $200 billion worth of Chinese imports as soon as a public comment period ends on Thursday may also generate selling pressure.

On the economic front, the Commerce Department released a report showing the US trade deficit widened in the month of July. The Commerce Department said the trade deficit widened to $50.1 billion in July from a revised $45.7 billion in June. Street had expected the deficit to widen to $50.1 billion from the $46.3 billion originally reported for the previous month.

The S&P 500 declined 8.12 points or 0.28 percent to 2888.60 and Nasdaq slipped 96.07 points or 1.19 percent to 7995.17, while Dow Jones Industrial Average gained 22.51 points or 0.09 percent to 25974.99.


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