S&P 500 is Flat...

 

Erica Villalon Trading Desk

The S&P 500 was little changed on Tuesday following a three-day rally as a drop in Apple shares (NASDAQ:AAPL) overshadowed optimism from remarks made by U.S. and China officials in pledging firm commitment to a Phase One trade deal.

The benchmark S&P 500 opened at a record high as the news eased some concerns the deal could be on shaky ground. Investors also anticipate the centerpiece event of the week - an annual conference of U.S. central bankers where Federal Reserve Chairman Jerome Powell is scheduled to speak. The S&P 500 and Nasdaq logged new closing highs on Monday, boosted by signs of progress in developing treatments and vaccines for COVID-19.

The benchmark index surpassed its pre-pandemic high last week even as recent economic indicators signaled a bumpy recovery from the virus-led downturn. A survey from the Conference Board showed U.S. consumer confidence unexpectedly fell in August to a six-year low.


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