US Markets Close Flat On Cautious Sentiment

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2019-06-12 HKT 07:06

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  • Not the busiest of trading days. Photo: AP

    Not the busiest of trading days. Photo: AP

Wall Street has finished slightly lower as lingering anxiety over the US-China trade clash and buying fatigue snapped the Dow's six-session winning streak.

The Dow Jones lost 14 points to 26,048. The S&P 500 and Nasdaq were essentially flat at 2,885 and 7,822.

"The market was exhausted," said Nate Thooft, senior portfolio manager of Manulife Asset Management. "It's digesting gains."

After falling in May, US stocks have been on a climb through the first part of June, following dovish commentary from Federal Reserve officials that has offset unease over trade.

President Donald Trump's decision over the weekend to call off tariffs on Mexico has also boosted sentiment, although the ongoing trade war between Beijing and Washington remains a concern for investors.

Commerce Secretary Wilbur Ross said on Tuesday that the Group of 20 summit later this month could lead to progress towards a trade deal with China but is not the venue for a "definitive agreement".

Among the stocks taking a hit, Sprint fell 5.9 percent and T-Mobile 1.6 percent after a lawsuit led by California, New York and other states challenged the companies' proposed US$26 billion merger, arguing that the removal of one of the biggest telecom companies would harm consumers.

Investors also sold off defence companies United Technologies and Raytheon in the second session after the companies unveiled a "merger of equals". United Technologies dropped for the second straight day, this time by 3.9 percent. Raytheon, which had risen on Monday, shed 5.1 percent. (AFP)