U.S. stocks opened lower Wednesday as investors await congressional testimony by Federal Reserve Chairman Jerome Powell and gauged prospects for a U.S.-China trade deal a day after President Donald Trump offered no hints on the timing of an eagerly anticipated “phase one” pact.
The Dow Jones Industrial Average opened 86 points, 0.3%, lower, at 27,605. The S&P 500 fell more than 8 points at the open, 0.3%, at 3,083. The Nasdaq was off 31 points, or 0.4%, to 8,455.
In a Wednesday speech at the Economic Club of New York, Trump said a “significant phase one” deal could happen soon, but only if the deal worked to the advantage of U.S. workers and businesses. News reports also indicated Trump might put off a decision, due Wednesday, on whether to impose tariffs up to 25% on European auto imports.
Source : Marketwatch