US stocks are mixed before Trump-Xi trade meeting
Stocks are wavering Friday ahead of the highly anticipated trade meeting between President Donald Trump and President Xi Jinping of China. Investors have long hoped the two will use their meeting at the Group of 20 summit to start resolving the trade dispute between the two countries.
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Tech and health care companies are making small gains while internet companies are down. Energy stocks slipped as crude oil briefly dropped under $50 a barrel for the first time since October 2017.
KEEPING SCORE: The S&P 500 index added 10 points, or 0.4 percent, to 2,748 at 1:49 p.m. Eastern time. The Dow Jones Industrial Average rose 43 points, or 0.2 percent, to 25,387. The Nasdaq composite rose 24 points, or 0.3 percent, to 7,298. The Russell 2000 index of smaller-company stocks was little changed at 1,525. More stocks fell than rose on the New York Stock Exchange.
Stocks have rallied this week after falling to a six-month low last Friday. The S&P 500 is up 1.1 percent this month, but it's still 6.5 percent away from the all-time high it set in late September. Among other issues, that drop reflects investors' pessimism that the U.S. and China will resolve their differences without causing damage to the global economy.
The two sides have been sparring for months over technology policy and other trade issues. The U.S. has announced tariffs on $250 billion in Chinese imports so far, with the tax rate on many products set to rise Jan. 1, while China put new taxes on $110 billion in U.S. goods. Wall Street is concerned that the lingering questions about tariffs and other trade issues will keep businesses from spending money.
THE LEADERS: Health care companies climbed. Biotech drugmaker AbbVie rose 3.3 percent to $92.84 after it said Pfizer agreed to wait until November 2023 before it starts selling a generic version of AbbVie's inflammatory disease drug Humira in the U.S. The agreement is part of a licensing deal between the companies. Humira is the biggest-selling drug in the world by revenue, and it's responsible for about two-thirds of AbbVie's total sales.
Other biotech drugmakers also traded higher. Gilead Sciences rallied 2.9 percent to $71.71 and Amgen rose 2.2 percent to $206.80.
UNWANTED GUESTS: Marriott said the information of as many as 500 million guests at Starwood hotels has been compromised by a data breach that started in 2014 and September 2018. The company said the credit card information of some guests may have been taken, along with other personal details. The affected brands include W Hotels, St. Regis, Sheraton, Westin, Element, Aloft, The Luxury Collection, Le Méridien and Four Points.
The Attorney General of New York said she is opening an investigation into the breach. Marriott stock lost 6.1 percent to $114.44.
ENERGY: Benchmark U.S. crude fell more than 3 percent in morning trading and briefly slipped below $50 a barrel. Later it was down 0.2 percent to $51.34 a barrel in New York. Brent crude lost 0.3 percent to $59.71 a barrel in London.
U.S. crude has nosedived 21.5 percent this month, its biggest loss in a decade. Oil prices have been falling since early October as supplies have built up, partly because the U.S. agreed to hold off on sanctions for countries that import oil from Iran. Investors are also worried that a slowdown in global economic growth will reduce demand for fuels.
TESTING, TESTING: Medical lab company LabCorp skidded 10.4 percent to $145.04 after cutting its profit and sales forecasts. On Thursday LabCorp fell 2 percent and rival Quest Diagnostics dropped 9.3 percent after Quest did the same, saying testing volumes were down. Quest rose 0.3 percent to $88.21 Friday.
GAME OVER: Video game retailer GameStop skidded 7.7 percent to $13.51 after it cut its annual profit and sales forecasts. The company said some key titles didn't sell as well as it hoped, and promotions and sales of used games weren't as strong as expected.
BONDS: Bond prices rose further. The yield on the 10-year Treasury note fell to 3.01 percent from 3.03 percent.
CURRENCIES: The dollar rose to 113.66 yen from 113.43 yen. The euro fell to $1.1310 from $1.1389.
METALS: Gold lost 0.4 percent to $1,226 an ounce. Silver fell 1.3 percent to $14.22 an ounce. Copper held steady at $2.79 a pound.
OVERSEAS: The FTSE 100 index in Britain shed 0.8 percent and Germany's DAX lost 0.4 percent. France's CAC 40 fell less than 0.1 percent.
Japan's Nikkei 225 index climbed 0.4 percent and the Hang Seng in Hong Kong added 0.2 percent. South Korea's Kospi fell 0.8 percent.
AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP
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