Stocks closed lower today as trade worries increased, with the Dow and Nasdaq both closing down about 0.4%. The S&P 500 closed about 0.28% lower. Energy was the worst performer of the day, down 1.6%, while consumer staples traded near 52-week highs.
President Donald Trump takes part in a welcoming ceremony with China's President Xi Jinping on November 9, 2017 in Beijing, China.Qualcomm shares fell 10.9% — their biggest one-day drop since Jan. 23, 2017 — after a U.S. judge ruled the chipmaker violated antitrust law by unlawfully suppressing competition in the cellphone chip space. The news dragged down the VanEck Vectors Semiconductor ETF down by 1.9%.The U.S.
Retailers were also under pressure after the release of quarterly results from companies in the sector. Lowe's fell 11.9% on weaker-than-expected earnings. Nordstrom, meanwhile, dropped 9.3% as its quarterly earnings and revenue missed expectations. Target was the bright spot among retailers. The company's stock rose more than 9% as its earnings and revenue topped analyst expectations. Same-store sales, a key metric for retailers, also surpassed estimates.
Investors also digested the minutes from the Federal Reserve's May 1 meeting. The minutes indicated the central bank will not make any moves regarding rates "Ahead of the minutes' release, St. Louis Fed President James Bullard, a voting member of the central bank's policymaking committee, said the Fed may have raised rates too much last year. "Rates are at a good place in the U.S. right now, if anything we are a little restrictive I would say," he told Bloomberg News.
"Futures are pricing in a cut in 2019 and two in 2020. Right now, we're not seeing that unless we see things deteriorate further," said Jeff Zipper, managing director of investments at U.S. Bank Wealth Management. "There's certainly a concern of a slowdown, though not necessarily of a recession."
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