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Wall St. dips as investors are waiting for the outcome of trade negotiations in the US and China

NEW YORK (Reuters) – Wall Street headlines fell on Thursday before critical US-China trade talks, although they enjoyed substantial losses after US President Donald Trump said it was possible to get a deal this week.

U.S .. shares had fallen more than 1% earlier in the session, but recovered much of the losses after Trump said he had received a "beautiful letter" from Chinese President Xi Jinping. Dealers meet at 17.00. EDT (2100 GMT) on Thursday, Trump said. They are set to continue conversations through Friday.

Nevertheless, the US has not relied on hiking prices of NOK 200 billion of Chinese goods to 25% on Friday. Trump also said the paperwork had begun to charge 25% tariffs on an additional $ 325 billion of Chinese goods.

Even with the possibility of further charges coming into effect, some investors remain optimistic that a trade agreement was within reach. It probably held Thursday's decline in chess, said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.

"We can see tariffs set tomorrow, but it's going to be fixed," Stoltzfus said. "It is too impractical for each side to extend this to a prolonged trade war."

Dow Jones Industrial Average fell 1[ads1]38.97 points, or 0.54% to 25.828.36, S & P 500 lost 8.7 points, or 0.30% to 2,870.72 and Nasdaq Composite fell 32.73 points , or 0.41% to 7,910.59.

The S & P 500 index went short below its 50-day moving average, a carefully watched indicator of momentum, during the session, but ended above that level.

Traders working on the floor of the New York Stock Exchange (NYSE) in New York, USA, May 9, 2019. REUTERS / Brendan McDermid

The material and technology stocks showed the steepest falls in the S&P 500 sectors, and dropped 0.8% and 0.7%, respectively.

Shares of chipmakers, which receive a large portion of revenue from China, continued to slide, while the Philadelphia semiconductor index ended at 1.2% lower. The index has fallen 6% so far this week, and is on pace to post its biggest percentage loss per week since December.

The Chipmaker shares were also squeezed by an overwhelming profit growth forecast from Intel Corp. Intel shares fell 5.3% and were the biggest thread on the S&P 500.

Sensitive industrial bellwethers were also hit, while Boeing Co shares fell 1% and 3M Co shares fell 1.9%.

The CBOE volatility index, a measure of investor fear, rose for the fourth consecutive session and is at its highest level for more than three months.

Tapestry Inc shares jumped at a good 8.5% spot, most of the S&P companies, after the Coach Handbag hit quarterly profit estimates and announced a $ 1 billion share purchase plan.

Chevron Corps shares received 3.1%, giving the biggest boost to Dow and S & P 500, after the oil company said it would not increase its $ 33 billion offer to buy Anadarko Petroleum Corp.

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Falling problems towards promoting those on the NYSE with a 1.55-to-1 ratio; On Nasdaq, a 1.48-to-1 ratio favored decliners.

S & P 500 posted two new 52 week heights and 11 new downs; Nasdaq Composite recorded 37 new heights and 98 new downs.

Volume on US exchanges was 7.75 billion shares, compared to the average of 6.83 billion shares for the entire session over the last 20 trading days.

April reporting Joyner; additional reporting by Shreyashi Sanyal and Amy Caren Daniel in Bengaluru; Editing Anil D & # 39; Silva, Susan Thomas & Jonathan Oatis

Our Standards: Thomson Reuters Trust Principles.

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