US stocks closed mixed on Tuesday, with most players still fretting about the unresolved US-China trade war.
The Dow Jones Industrial Average lost 0.25% to close at 26,495.
The S&P 500 dipped 0.13% to settle at 2,915.
The tech-heavy Nasdaq gained 0.18% to end at 8,007.
The Russell 2000 small-cap index also saw slight gains, gaining 0.29% to conclude at 1,710.
In Canada, the TSX eased 0.13% to trade at 16,185.
2:00 PM: Trade worries offset strong energy gains in afternoon trading
The US benchmarks lost their gains this afternoon after US President Donald Trump addressed the United Nations General Assembly, saying that the US "will no longer tolerate abuse" on trade.
“We will not allow our workers to be victimized, our companies to be cheated and our wealth to be plundered and transferred," said Trump.
The Dow Jones Industrial Average fell around 45 points, dragged down by Intel Corp (NASDAQ:INTC) as the company became somewhat entangled in a legal battle.
Chipmaker Qualcomm Inc (NASADQ:QCOM) has accused Apple Inc (NASDAQ:AAPL) of stealing its trade secrets and sharing them with Intel Corp (NASDAQ:INTC) so that Qualcomm’s chips could be replaced.
Intel has not been listed as a defendant in Qualcomm’s suit against Apple, but its shares still suffered.
The S&P 500 was around 4 points by midday.
The tech-heavy Nasdaq rose nearly 9 points, boosted by European TV provider Liberty Global plc (NASDAQ:LBYTA).
CEO Mike Fries said the company is looking at Swiss operator Sunrise Communications Group AG as a potential partner, as per a Bloomberg report.
The Russell 2000 small-cap index also saw slight gains, boosted by fast-food chain Sonic Corp (NASDAQ:SONC).
The company agreed to be acquired by Inspire Brands, the parent company of Arby’s and Buffalo Wild Wings, in a $2.3 billion deal.
Up north, the TSX was close to a four-week high. Energy stocks gave the company a more than 18-point boost.
10:00 AM: US stocks open higher, fueled by rise of bank and energy stocks
US stocks opened higher Tuesday as an expected pick-up in interest rates pushed up bank stocks and energy stocks popped on higher oil prices.
Investors are waiting to interpret the signals about the likely path of rate rises as the Fed chairman Jerome Powell kicks off the Federal Reserve’s meeting on Wednesday.
As a result, shares of bank stocks picked up traction early in the session. Citigroup (NYSE:C) jumped 0.6%, JP Morgan Chase (NYSE:JPM) was up 0.82%, Goldman Sachs (NYSE:GS) inched up 0.4%, Morgan Stanley (NYSE:MS) nudged up 0.5% while Bank of America (NYSE:BAC) added 0.5%.
The S&P 500 energy sector was also having a good morning, climbing 0.87%, as the price of Brent Crude Oil broke through $82 per barrel after the world’s leading oil producers chose not to increase production.
At a weekend meeting in Algiers, the Organization of the Petroleum Exporting Countries and its related producing countries, again said they wanted to stick to current production quotas, which were introduced early last year.
Elsewhere, the Dow Jones Industrial Average Index added 44 points to 26,606, pushed up by Walmart, Walt Disney, JP Morgan Chase & Co, Chevron, Walgreens Boots Alliance and Pfizer.
The S&P 500, meanwhile, nudged up just 2 points to 2,921 while gains were also minimal from the tech-laden Nasdaq, which added 4 points to 7,997.
Up in Canada, Toronto’s TSX gained 56 points to 16,263, as shares of energy companies rose on the back of the rising crude oil price. The Russell 2000 index of small-cap stocks, meanwhile, remained fairly flat, adding just under 4 points to 1,709.
7:09AM: US stocks seen starting higher after mixed close; Nike to report
US markets are seen heading north at the open after a mixed close and as European indices are also positive on Tuesday morning.
It is another day where trade will be in focus, but also earnings , with sports goods giant Nike (NYSE:NKE) set to report after the New York bell.
It’s been making headlines, some would say, cleverly, recently over its "Just Do It" campaign featuring controversial footballer Colin Kaepernick, which could have e given its sales another boost. The shares are up 35% so far on the year.
#BREAKING: North Smithfield Town Council withdraws Nike resolution. https://t.co/w3320GLDVT pic.twitter.com/fygga2ZhOP
— WPRI 12 (@wpri12) September 24, 2018
Wall Street stocks were weighed down yesterday by news that China cancelled trade talks with the US.
It came as Washington slapped a 10% duty on $200 billion worth of Chinese goods.
The Dow Jones Industrial Average finished 181 points lower at 26,562; the Nasdaq added around six points, while the S&P 500 shed around ten points at 2,919.
In futures trade, the Dow Jones is up 40 points; the Nasdaq gained 2.50 and the S&P 500 added around four.
The TSX in Toronto closed down nearly 17 points at 16,207.
In Europe, the FTSE 100 is up around 23 points at 7,482; the DAX is up 34 at12,386 and the French CAC 40 is ahead by around 14 at 5,490.
In Asia overnight, the Nikkei 225 added 195 points at 23,869 and the Shanghai Composite Index added around 68 at 2,797.
Connor Campbell, financial analyst at spread betting group Spreadex said that "having lost its record-breaking swagger on Monday, the Dow Jones is set to push back above 26600 after the bell".
"The futures have the index rising by 60 or so points when the afternoon session gets underway, with only the CB consumer confidence reading – forecast to slip from 133.4 to 132.2 – to distract from any trade war concerns or pre-Fed anxieties," he said.