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By Aparajita Saxena and Shreyashi Sanyal
(Reuters) – Wall Street's main indexes gave up their gains to trade lower on Tuesday as declines in industrial firms dampened early optimism Easing of trade tensions and the prospect of an interest rate cut by the Federal Reserve.
Industrials declined 1.09%, impacted by losses at United Technologies Corp (NYSE 🙂 and Raytheon (NYSE 🙂 Co.
United Technologies fell 4.1
Optimism about Trump's decision to postpone import duties late Friday Mexico has helped markets recover this week, despite warnings from the United States that tariffs would be lifted if their demands were not met o Progress on the talks with Chinese President Xi Jinping at the G20 summit.
"The unresolved trade dispute with China is still capped on the stock market," said Greg McBride, Senior Vice President and Chief Financial Analyst at Bankrate in Palm Beach, Florida.
"Do not expect the index to return to record highs until the trade agreement is signed or nearing signing." Time high.
Meanwhile, the market relies on a rate cut in July and two more this year, as Trump's tough negotiations on trade with Beijing and others could push the economy back into recession.
However, US producer prices rose solidly for a second month in a row in May, in line with expectations of Reuters surveyed economists, pointing to a steady rise in underlying inflationary pressures.
At 12:45 pm The EDT fell 13.89 points or 0.05% to 26,048.79 points, the S & P 500 by 2.55 points or 0.09% to 2,884.18 points and the EDT by 8.08 points or 0.10% to 7,815.09 points.
A decline in technology stocks, including Microsoft Corp (NASDAQ :), MasterCard Inc (NYSE :), and Adobe (NASDAQ 🙂 Inc, also put pressure on the indices.
Symantec Corp. (NASDAQ 🙂 fell 2.8% after Morgan Stanley (NYSE 🙂 downgraded the manufacturer's inventory of antivirus software, citing more competition for one Ratio of 1.05 to 1 on the NYSE and for a ratio of 1.33 to 1 on the Nasdaq.
The S & P index posted 49 new highs in 52 weeks and three new lows, while the Nasdaq hit 51 new highs and a new low hit 73 new lows.
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