Dow Snaps 6-Day Win Streak as shares gives up early profits to lower

admin June 12, 2019

20 2 minutes read

Dow Snaps 6-Day Win Streak as shares gives up early profits to lower

The Dow Jones Industrial Average snatched its six-day win on Tuesday as stocks ended lower after a strong opening.
Beyond Meat (BYND) tumbled after analysts at JPMorgan cut their rating on the stock among worries of its $ 10 billion worth.
Apple shares (AAPL – Get Report) shares rose after the main iPhone installer said it could make the tech giant's flagship product outside China, allowing tariffs to interfere with its supply chain.

Wall Street Overview

Stocks ended Tuesday after climbing earlier in the day, and snatched the Dow Jones Industrial Average's six-day winning stripe.

Wall Street had risen earlier in the day with continued hope of near-term rates from the Federal Reserve and fresh stimulus measures from China designed to support the world's second largest economy.

Dow Jones Industrial Average fell 1[ads1]4 points, or 0.05%, finally at 26.049, S & P 500 fell 0.03% and Nasdaq fell 0.01%.

Dow's biggest laggards were United Technologies (UTX – Get Report), down 3.9%, Walt Disney (DIS – Get Report), 1.4%, and Boeing (BA – Get Report) after the planner had reported a 56% decline in May deliveries, partly due to a decline in their previously sold 737 MAX jets.

Commercial secretary Wilbur Ross told CNBC that the US and China will successfully negotiate a trade agreement. President Trump said Monday that he would add additional charges to Chinese goods if President Xi Jinping did not meet him at the G20 meeting later this month. Ross said that trade deals are not made at summits.

Trump said Tuesday that he personally has a trade agreement with China, and that he will not complete the deal unless Beijing returns to terms negotiated earlier this year, Bloomberg reported.

Larry Kudlow, head of the National Economic Council, said on Tuesday at CNBC that the US economy will continue to grow at a rapid pace throughout the rest of 2019, even though the US and China are not trading.

In economic news, the US labor statistics agency said the producer price index increased by 0.1% on a seasonal basis in May, which matched expectations. This increase follows an increase of 0.2% in April. Since inflation does not appear to be a threat, economists believe that this may increase the likelihood of a US central bank cut if the economy gets weaker. [19659000]

Apple shares (AAPL – Get Report) increased by 1.2% to $ 194.81 after the tech giant's key iPhone installer said it could make Apple's flagship product outside China, causing tariffs to disrupt its supply chain .

A federal judge is close to issuing a verdict that will block CVS Health's (Get Report) $ 69 billion acquisition of Aetna, the New York Post reported on Tuesday. Stocks fell 1.9% to $ 53.95.

shares from Tesla (TSLA – Get Report) increased nearly 2% to $ 217.10 before the company's annual meeting following a bullish call from Baird analyst Ben Kallo, who believes that the seller the electric car manufacturer experienced before the rally last week was driven .

CEO Elon Musk will head Tesla's annual meeting on Tuesday in Mountain View, California, at 5:30 ET.

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