US stocks finished marginally softer on Thursday as investors took money off the table in front of the Labor Day holiday weekend.
Financial markets here will be shut on Monday for Labor Day. Trading resumes on Tuesday.
Solid direction was hard to come by with many on Wall Street already eyeing the exits or already on holidays.
The Dow Jones Industrial Average index shed 0.50% to end below the 26,000-point mark at 25,986.
The tech-heavy Nasdaq, which set a closing record high in the previous session, fell 0.26% to settle at 8,088.
The lone bright spot was Amazon.com, which hit an all-time record of US$2,025.57 and finished above the psychological US$2,000 mark at US$2,002.38.
The S&P 500 lost 0.4% to close at 2,901.
The Russell 2000 of small-cap stocks slipped 0.2% to conclude at 1,731.
In Canada, the TSX dipped 0.15% to trade at 16,364.
2:13 PM: Markets muted with many on Wall Street eyeing the exits ahead of the end-of-summer three-day weekend
Stocks moved mostly lower over the course of the trading session Thursday with the Nasdaq being the only major index in the green as investors took some profits following a strong market performance in the previous session.
Solid direction was hard to come by with many on Wall Street already eyeing the exits ahead of the end-of-summer three-day weekend.
The Dow Jones Industrial Average index shed 79.58 points, or 0.30% to 26,044, led lower by Dollar Tree Inc, Electronic Arts and Davita Inc.
The S&P 500, meanwhile, shed 4.20 points, or 0.14% to 2,909.97 led lower by Davita Inc and PVH Corp which were both down over 8.5%.
10:00 A.M: US stocks trade lower as China trade spat overshadows progress in US-Canada trade negotiations
US stocks opened in the red Thursday as the US and Canada worked to reach a trade deal ahead of tomorrow’s deadline and concerns over the trade spate between the US and China resurfaced.
Canada is expected to join the reconfigured North America Free Trade Agreement, struck by Mexico and the US earlier in the week and the country’s negotiations with the US are intensifying ahead of Friday’s due date.
But concerns over Washington’s mounting trade dispute with China loom larger in the market as the White House is set to slap tariffs on an additional US$200bn worth of Chinese goods in early September.
Early in the morning session, the Dow Jones Industrial Average index shed 57 points to 26,067, led lower by DowDuPont Inc, Caterpillar Inc, Nike Inc, Travelers Companies Inc and United Technologies Corp.
The S&P 500, meanwhile, fared better, dropping by 6 points to 2,907.
Elsewhere, the tech-laden Nasdaq lost 17 points to hover at 8,093, pushed down by an 11% fall in shares of Dollar Tree Inc after the discount retailer just missed the market’s earnings estimates and narrowed its guidance. Electronic Arts, NetEase and Vodafone also put pressure on the tech index by reporting losses of more than 3%.
The Russell 2000 index of small-cap stocks also dropped by 4 points to 1,730 while Toronto’s TSX slumped by nearly 11 points to 16,379.