US stocks lower on trade concerns

US economy is slowing, Federal Reserve will soon cut rates: Hugh Johnson Advisors CIO

Hugh Johnson Advisors CIO Hugh Johnson discusses why the Federal Reserve will mostly likely lower interest rates and says the U.S. economy is slowing.

U.S. stocks traded lower on Wednesday, the day after the Dow Jones Industrial Average snapped a six-day winning streak.

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President Trump's comments that he was holding up a trade deal with China unless Beijing agrees to some major points, has impacted the markets.

In economic news, the consumer price index edged up 0.1 percent in May, the cost of food was offset by cheaper gasoline, the government said.

The CPI gained 0.3 percent in April.  In the 12 months through May, the CPI increased 1.8 percent, slowing from April's 1.9 percent gain. Economists expected an increase of 0.1 percent.  The core CPI nudged up 0.1 percent for the fourth straight month.

Oil prices fell more than 2 percent on Wednesday, weighed down by a weaker outlook for demand and a rise in U.S. crude inventories despite expectations of extended supply cuts led by OPEC.

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Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 26028.22 -20.29 -0.08%
SP500 S&P 500 2879.03 -6.69 -0.23%
I:COMP NASDAQ COMPOSITE INDEX 7782.592761 -39.97 -0.51%

Tesla Chief Executive Officer Elon Musk is setting his sights on the electric automaker having a record quarter.

That's what Musk told those in attendance at the company's annual shareholder meeting held Tuesday.

Ticker Security Last Change %Chg
TSLA TESLA INC. 212.49 -4.61 -2.12%

Tesla shares got a boost from the comments, adding 3.6 percent to $225 in extended trading.

In Asia, China's Shanghai Composite fell 0.6 percent. Hong Kong's Hang Seng dropped 1.7 percent. Japan's Nikkei ended the day off 0.4 percent.

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In Europe, Britain’s FTSE 100 was down 0.6 percent,  France’s CAC 40 fell 0.6 percent and Germany's DAX was lower by 0.4 percent.

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