Investing.com – The S & P 500 closed higher on Wednesday as optimism in trading and rising chip stocks helped offset falling energy stocks.
The increase was 0.15%, the increase 0.21%, while it increased by 0.60%.
The US-China trade talks are in the final, said Myron Brilliant, US Chamber of Commerce Vice President International Affairs. "90% of the deal is complete, but the last 10% is the hardest part, it's the hardest part, and it will require compromises on both sides."
Cautiously optimistic statements come as China's Vice Prime Minister Liu He His meeting with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin began on Wednesday and continued the talks that took place in Beijing a week ago.
Despite the optimism that trade between the US and China is experiencing high trade pressure, trading partners have struggled upwards. The flatline of the day was put under pressure by a collapse of the defense companies.
Raytheon (NYSE 🙂 fell 4.5%, Northrop Grumman (NYSE 🙂 dropped 2.4% and Lockheed Martin ] (NYSE 🙂 fell 1
In addition to trading, falling energy stocks held back gains in the broader market as oil prices fell after unexpected supply shortfalls.
But an increase in technology stocks supported sentiment about risk following a surge in chip stocks, led by Advanced Micro Devices (NASDAQ :): up 8.5%.
Nomura expressed the prospect of higher profits for AMD as the weakness of the chip markets in the first quarter will recover as a result of a improving economic environment in China accounts for a large proportion of global chip spending.
Apple (NASDAQ) closed 0.7% higher, though Nomura poured cold water into the expectation that the company's revenues would offset rather slow iPhone sales. 19659004] App store growth slowed to 15% in the March quarter from 15% in the December quarter. According to Sensor Tower Nomura said. The iPhones price reduction does little to boost demand for the company's flagship smartphones in light of the ongoing weakness of the Chinese smartphone market.
In the consumer discretionary sector, GameStop (NYSE) ran into difficulties with a 4.7% decline. After its forecast for the full year had fallen short of the profits of the Wall Street consensus estimates.
Following the Dour forecast, Morgan Stanley highlighted declining revenues from legacy games as a headwind to GameStop's revenue and gross margin.
"In fact, there seems to be a growing gap between new and used trends, and we fear that fewer trade-ins will damage other parts of the business," said Morgan Stanley  (NYSE). 19659004] Economic data provided little incentive to stimulate a stock rally as the private sector appreciated unexpectedly and fell short of economists' forecasts, pointing to further signs of a slowdown in the economy.
Top S & P 500 Gainers and Losers Today: Advanced Micro Devices (NASDAQ :), Nielsen Holdings (NYSE 🙂 and Nectar Therapeutics (NASDAQ :)) were among the Top winners of S & P 500 for the session.
Altria Group ] (NYSE :), Raytheon (NYSE :), and Cimarex Energy (NYSE 🙂 were among the session's worst S & P 500 artists.