Stocks opened flat-to-lower Thursday as doubts grew over prospects for a so-called phase one trade deal between the U.S. and China, a day after the Dow Jones Industrial Average and the S&P 500 each eked out a record finish.
What’s driving the market? The prospect of a U.S. - China trade deal remains the main factor sustaining a rally that has pushed U.S. stocks record highs in the past five weeks. The Wall Street Journal reported on Wednesday reported that U.S.-China talks had hit a snag over farm purchases, with Beijing balking at committing to a hard number in the text of the agreement while President Donald Trump has claimed China agreed to buy $50 billion of products a year. News reports have also highlighted a dispute over tariffs, with Beijing said to be insisting that existing tariffs be rolled back while the White House has resisted.
In economic news, U.S. initial claims for unemployment benefits rose 14,000 to 225,000 in the week ended Nov. 9, a nearly five-month high, and above the 215,000 expected by economists surveyed by MarketWatch, but the data may be a seasonal anomaly. Separately, the U.S. October producer-price index rose 0.4% from September, above expectations of 0.3% rise. Excluding volatile food and energy items, wholesale prices rose 0.3% month-over-month.
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