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US close: Stocks end on a mixed note as Treasuries pare losses, banks slip
Wall Street finished on a mixed note, weighed down by losses for energy and financials, as traders scanned the headlines swirling about the second round of trade talks between China and the US.
Significantly, overnight officials in Beijing questioned reports that its government had offered to slash the Asian giant's bilateral annual trade deficit with the States by $200bn.
However, in what was seen by some as an 'olive branch' to Washington, China did row back on its initial response to the US administration's threats of trade tariffs, announcing the end of its anti-dumping and anti-subsidy investigations into US exports of sorghum.
Against that backdrop, by the closing bell, the Dow Jones Industrial was flat at 24,715.09, alongside a 7.16 point or 0.26% dip for the S&P 500 to 2,712.97.
For the week, the S&P 500 ended 14.75 points lower.
The Nasdaq Composite also closed lower, slipping 0.38% or 28.13 points to finish at 7,354.34.
By sectors, the weakest segments of the market were: Semiconductors (-1.61%), Banks (-1.43%) and Multiutilities (-1.42%).
Over in fixed income markets, the yield on the benchmark 10-year US Treasury was off by five basis point at 3.06%, as the US dollar index advanced towards back towards its October highs, but was still 10 basis points higher for the week.
In the background, there was a fair bit of 'chatter' out of strategists at some of Wall Street's largest investment banks around what they said were the fast-rising risks for the stockmarket.
Those at Bank of America-Merrill Lynch pointed out the reversal in fund flows out of financials seen over the preceding three weeks. That, they said, could be significant because in 2013 and 2017 such a reversal was seen before peaks in US Treasury yields.
"Rise in 10-year UST yields from 2% to 3% over the past 18 months a "good" rise in yields; if >3% a "bad" rise in yields this should be revealed in coming weeks by further outflows from financials, EM, credit as well as rising private client cash levels," they said in a research note sent to clients.
According to BofA-ML, their private clients's cash allocation fell to just 9.8% of assets under management over the latest week - a record low.
The investment bank's Bull & Bear timing indicator meanwhile was at 4.7 or 'neutral' territory.
To take note of, on Thursday the Russell 2000 index had notched up a record high.
Yet the S&P 500 was still on track for a slightly lower close for the week, albeit after clocking-in with significant gains over the prior five-day stretch.
No major economic releases were slated for Friday, although speeches from regional Fed presidents Loretta Mester and Robert Kaplan were scheduled.
On the company front, chip equipment maker Applied Materials was sharply lower after the company issued lower-than-expected guidance for earnings per share and sales in the next quarter.
Overnight, Applied Materials told analysts they could expect fiscal third quarter revenues to come in at between $4.33bn to $4.53bn, versus a consensus estimate of $4.53bn.
Shares in Deere&Co. on the other hand advanced after the manufacturer of agricultural equipment, despite posting lower than forecast EPS and sales for its second fiscal quarter.
Stock in Campbell Soup was another big faller - and saw their largest single day retreat sinec 1999 - after slashing its full-year guidance and announcing the exit of its chief executive officer.
AmTrust shares were in the green after activist Carl Icahn disclosed he had amassed 9.4% of the company's equity.
Dow Jones - Risers
Boeing Co. (BA) $351.35 3.04%
Coca-Cola Co. (KO) $42.18 1.52%
Caterpillar Inc. (CAT) $155.69 1.24%
Unitedhealth Group Inc. (UNH) $244.64 1.21%
Home Depot Inc. (HD) $187.42 0.56%
American Express Co. (AXP) $101.00 0.40%
United Technologies Corp. (UTX) $125.22 0.35%
Microsoft Corp. (MSFT) $96.36 0.19%
Nike Inc. (NKE) $71.29 -0.03%
Procter & Gamble Co. (PG) $73.44 -0.11%
Dow Jones - Fallers
Walmart Inc. (WMT) $83.64 -2.89%
Intel Corp. (INTC) $53.50 -2.39%
JP Morgan Chase & Co. (JPM) $111.13 -1.95%
Goldman Sachs Group Inc. (GS) $237.00 -1.64%
Chevron Corp. (CVX) $127.88 -1.31%
McDonald's Corp. (MCD) $160.98 -1.16%
Walt Disney Co. (DIS) $103.94 -1.06%
Merck & Co. Inc. (MRK) $59.13 -1.02%
Johnson & Johnson (JNJ) $124.28 -0.89%
Exxon Mobil Corp. (XOM) $81.30 -0.88%
S&P 500 - Risers
Spectra Energy Corp. (SE) $13.07 9.10%
Deere & Co. (DE) $155.30 5.36%
Valero Energy Corp. (VLO) $120.55 4.84%
Agilent Technologies Inc. (A) $64.31 3.84%
Hanesbrands Inc. (HBI) $18.38 3.84%
Marathon Petroleum Corporation (MPC) $79.52 3.65%
Eog Resources Inc. (EOG) $125.79 3.53%
Chesapeake Energy Corp. (CHK) $4.06 3.31%
Boeing Co. (BA) $351.35 3.04%
FMC Technologies Inc. (FTI) $34.19 3.04%
S&P 500 - Fallers
Campbell Soup Co. (CPB) $34.37 -12.94%
Nordstrom Inc. (JWN) $45.36 -11.15%
Applied Materials Inc. (AMAT) $49.51 -8.25%
GameStop Corp. (GME) $12.46 -8.04%
Seagate Technology Plc (STX) $56.31 -4.59%
CBS Corp. (CBS) $51.75 -3.86%
Lam Research Corp. (LRCX) $195.49 -3.86%
J. M. Smucker Co. (SJM) $107.94 -3.66%
McCormick & Co. (MKC) $102.95 -3.44%
KLA-Tencor Corp. (KLAC) $109.39 -3.40%
Nasdaq 100 - Risers
Idexx Laboratories Inc. (IDXX) $200.76 2.64%
Paypal Holdings Inc (PYPL) $80.79 2.02%
Monster Beverage Corp (MNST) $49.47 1.85%
Align Technology Inc. (ALGN) $298.00 1.80%
Incyte Corp. (INCY) $67.83 1.79%
Autodesk Inc. (ADSK) $138.85 1.71%
Take-Two Interactive Software Inc. (TTWO) $115.81 1.69%
Verisk Analytics Inc. (VRSK) $106.31 1.65%
Cerner Corp. (CERN) $61.34 1.19%
Workday, Inc. (WDAY) $134.48 1.17%
Nasdaq 100 - Fallers
Baidu Inc. (BIDU) $253.01 -9.54%
Applied Materials Inc. (AMAT) $49.51 -8.25%
Seagate Technology Plc (STX) $56.31 -4.59%
Lam Research Corp. (LRCX) $195.49 -3.86%
KLA-Tencor Corp. (KLAC) $109.39 -3.40%
Tesla Inc (TSLA) $276.82 -2.71%
Walgreens Boots Alliance, Inc. (WBA) $64.34 -2.50%
Asml Holdings N.V. (ASML) $197.34 -2.49%
Micron Technology Inc. (MU) $53.39 -2.39%
Intel Corp. (INTC) $53.50 -2.39%