U.S. stocks closed mostly higher Monday after a choppy session as a round of U.S.-China tariff negotiations in Beijing commenced and as the threat of another partial government shutdown loomed.
Trade negotiations between the U.S. and China began Monday with working-level talks in Beijing, while Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer are due to arrive Thursday for more high-level discussions. The lingering uncertainty around a trade resolution would only highlight that a 12-month-long negotiation between the world’s largest economies has failed to yield any tangible results.
Another potential government closure after talks broke down between the main parties over whether to limit the number of migrants authorities can detain. The White House hasn’t ruled out another shutdown if a border-security compromise can’t be reached by midnight Friday.
The U.K., meanwhile, is bracing to exit the European Union on March 29 with or without a trade agreement in hand.
- The Dow Jones Industrial Average DJIA, -0.21% fell 53.22 points, or 0.2%, to 25,053.11, while
- The S&P 500 SPX, +0.07% rose 1.92 points to 2,709.80.
- The Nasdaq Composite Index COMP, +0.13% gained 9.71 points, 0.1%, to 7,307.90.
Stocks in focus
- Morgan Stanley MS, -1.47% shares fell 1.5% after the bank announced the acquisition of Canada-based Solium Capital Inc. in a deal valued at $900 million.
- Shares of Tesla Inc. TSLA, +2.30% gained 2.3% after a Canaccord analyst upgraded the stock to buy from hold and said the electric-vehicle story is underappreciated on Wall Street.
Commodities and Dollar index
- Crude oil CLH9, +0.08% was under pressure, while
- gold GCH9, +0.06% settled lower and
- the U.S. dollar DXY, -0.02% rose against its peers.