Stocks close mixed ahead of Fed meeting
U.S. stocks closed mixed Tuesday as worries about U.S.-China trade talks offset gains in tech company and consumer discretionary shares.
Nvidia shares climbed after the chip designer partnered with Softbank Group and LG Uplus Corp on cloud gaming servers in Japan and Korea.
Also posting gains were shares of Advanced Micro Devices as well as consumer discretionary stocks like Advance Auto Parts and Chipotle Mexican Grill stock.
Early session gains were pared after a Bloomberg report that Chinese officials have expressed disappointment over the level of assurances Washington is giving that tariffs imposed on their exports will be lifted, even though they have agreed to ease their intellectual property policies.
The Federal Reserve began its two-day interest-rate policy meeting, which Wall Street expects will result in the central bank holding rates steady. When results of the meeting are disclosed Wednesday, investors will be watching for the Fed’s economic forecast.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
Ford Motor shares gained after news that it was expanding assembly line production in Kentucky of its large SUVs, including the Expedition.
Wall Street watched shares of Walt Disney Co. and FOX Corporation as Walt Disney's acquistion of Twenty-First Century Fox assets becomes effective at 12:01 a.m. ET on Wednesday. Shares of both companies declined.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORP. | 141.95 | -4.72 | -3.22% |
| AMD | ADVANCED MICRO DEVICES INC. | 138.35 | +0.86 | +0.63% |
| AAP | ADVANCE AUTO PARTS INC. | 40.79 | +2.10 | +5.43% |
| CMG | CHIPOTLE MEXICAN GRILL INC. | 62.02 | +2.04 | +3.40% |
Shares of utility companies like PG&E fell.
In Asian markets on Tuesday, China’s Shanghai Composite index fell 0.2 percent, Hong Kong’s Hang Seng added 0.2 percent and Japan’s Nikkei slipped 0.1 percent.
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In European trading, the major markets ended the day higher. London’s FTSE rose 0.4 percent, Germany’s DAX added 1.2 percent and France’s CAC gained 0.3 percent.
FOX Business' Ken Martin contributed to this report.