Stocks were little changed at the close following weaker-than-expected housing data, as major indexes recovered from small losses earlier in the day.
div > div.group > p:first-child"> Declines in the communications services group, led by Facebook, pushed the S&P 500 down 0.1 percent to 2,808.48. Facebook shares also weighed on the Nasdaq, which closed down 0.2 percent at 7,630.91. The Dow Jones Industrial Average, meanwhile, eked out a 7.05-point gain to close at 25,709.94.
Investors also grappled with ongoing trade negotiations between China and the U.S. CNBC learned through three sources briefed on the matter that China wants to link a formal state visit to the U.S. to a trade-deal announcement. The sources said China wants a deal to be fully ironed out before Chinese President Xi Jinping sat down with President Donald Trump. They also said, however, Trump prefers to close the deal himself with Xi in person.
The two countries are still expected to reach a deal, but optimism around U.S.-China trade negotiations is"fading," said Jason Pride, chief investment officer of private wealth at Glenmede."The prospect for an imminent deal, which the market appeared to have priced in, has waned in the short-run."
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