AP
Stocks erased earlier gains Wednesday after temporarily rising on the prospect of cooling trade tensions between the US and China. The dollar rallied against a basket of peers, and Treasury yields fell.
Here is the scoreboard:
Dow Jones industrial average: 24,122.81−160.30 (-0.66%)
S&P 500: 2,710.99 −12.07 (-0.44%)
- The Trump administration softened its tone on trade with China. Officials said any investment restrictions imposed on Beijing will happen through existing laws, as opposed to executive action.
- President Donald Trump and Russian President Vladimir Putin will likely meet soon, the Kremlin said. Some have been skeptical at the prospect of such a meeting, which is expected to take place next month, after alleged Russian meddling in the 2016 election and amid tensions between the US and its allies.
- US business spending on equipment unexpectedly slipped in May. New orders for US capital goods fell 0.2%, compare with the 0.5% gain economists expected. Separate data showed the US goods deficit narrowing last month.
- Oil rallied to a fresh 2018 peak as US crude saw its biggest drawdown since September 2016. West Texas Intermediate cracked $73 a barrel, its highest level this year. Also offering support to crude, the US signaled zero-tolerance approach to its demand for countries to stop buying Iranian oil by November.
- The Justice Department gave Disney the go ahead for its $71 billion bid for 21st Century Fox. The approval, which requires that Disney divest Fox’s regional sports networks, is the latest move in a bidding war for the company between Disney and Comcast.
And a look at the upcoming economic calendar:
- The EU economic summit starts in Brussels.
- The US releases GDP numbers.
- Inflation data are out in Germany and Spain.
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