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US Market snaps 3-day win streak

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The US stock market finished session lower on Monday, 09 December 2019, snapping three-day winning streak, as investors kept a close eye on trade negotiations between the U. S. and China ahead of Sunday's tariff deadline. At closing bell, the Dow Jones Industrial Average retreated 105.46 points, or 0.4%, at 27,909.60, while the S&P 500 index lost 9.95 points, or 0.3%, at 3,135.96 and the Nasdaq Composite Index shed 34.70 points, or 0.4%, at 8,621.83.

Traders remained cautious amid uncertainties surrounding an initial trade deal between the United States and China. Both sides have less than 6 days to go before Washington is poised to impose even more tariffs on Chinese goods.

Tariffs on another $156 billion in Chinese goods are set to go into effect on Dec. 15.

White House economic adviser Larry Kudlow said on Friday that the two sides are haggling over the amount of American farm products Beijing is willing to purchase. Data showed China's exports fell 1.1% in November, with those to the U. S. tumbling 23%.

The market broadly believes the United States will delay or cancel the tariffs but lingering uncertainty over that outcome could keep stock buying in check.

The U. S. and China have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment.

Also in focus for investors this week will be central banks, with policy meetings at the Federal Reserve and the European Central Bank that may offer clues on whether more monetary easing is in store in 2020.

ArQule, which has been developing cancer medications, more than doubled after it agreed to be acquired by Merck for US$2.7 billion. Merck dipped 0.2%.

Morgan Stanley fell 0.4% following reports it will cut 1,500 jobs worldwide in a cost-cutting move.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 10 2019. 09:29 IST