NEW YORK: Wall Street stocks were mixed early Thursday after two strong sessions as some companies pointed to weakening consumer activity amid trade war uncertainty.
Beijing said any claims of ongoing trade talks with Washington were “groundless,” putting a damper on more upbeat comments from the Trump administration in recent days about negotiations.
Meanwhile, both Procter & Gamble and PepsiCo cut their forecasts in light of economic uncertainty that are crimping consumer behavior.
“The main driver is a more nervous consumer reducing consumption in the short term,” said P&G Chief Financial Officer Andre Schulten.
Wall St bounces back after selloff as investors assess earnings
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent at 39,500.33.
The broad-based S&P 500 climbed 0.3 percent to 5,390.44, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 16,811.29.
Stocks rose decisively the last two sessions following Trump’s comments about China talks and that he had no plans to fire Federal Reserve Chair Jerome Powell.
Markets are now turning to the heart of earnings season where results have thus far been mixed, said Kim Forrest of Bokeh Capital Partners.
“We’re going to hear some uncertainty,” Forrest said. “That might drive the administration to … maybe get some of these deals done,” she said of trade talks.
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