Stocks mostly edged lower in a quiet session but gains in Boeing and Walgreens Boots Alliance helped the Dow eke out a gain to a new record high.
Eight of the 11 S&P 500 sectors finished in the red, led by utilities, energy, and health care while real estate industrials and information technology sectors poked into positive at the close.
With most earnings now out of the way and major central banks thought to be on hold, investor focus has turned firmly to trade. They appear to be in a cautious mood after hopes for a first-phase deal between the U.S. and China fueled a risk rally and bond sell-off last week, before President Donald Trump’s comments over the weekend cooled some of the optimism.
Streaming wars has begun after the arrival of Disney+ has gone live, challenging the likes of Netflix, Apple TV, and HBO Max at a low price. Waves were already made after the Mouse House gave Verizon customers a year free of the service, as well as broadening device support to nearly every platform: Apple OS, Android, Fire TV, Roku, etc.
Alibaba's Singles' Day sales hit a record $38B more than Amazon's haul last quarter from online store sales but the news didn't move the stock.
Market players remain focused on China-U.S. trade news, amid some concerns regarding plans to sign a trade deal in the coming weeks. Markets will still be hanging on to every word that could reference trade talks, and any suggestion that tariffs could be lifted or delayed.
Here are some key events coming up this week:
1.President Trump is due to deliver lunchtime remarks at the New York Economic Club.
2. Fed Chairman Jerome Powell addresses the Joint Economic Committee of Congress in Washington Wednesday. Minneapolis Fed President Neel Kashkari speaks in La Crosse, Wisconsin.
3.U.S. retail sales on Friday are forecast to rebound in October after unexpectedly falling the prior month.