- US stocks edged higher on Tuesday as investors looked for signs of progress on government stimulus and US-China trade talks.
- Democrats and Republicans remain deadlocked in negotiations on the next stimulus bill, while t he Trump administration on Monday imposed new restrictions on Huawei.
- Housing starts jumped 22.6% in July, more than economists expected, showing continued strength in the housing market recovery.
- Read more on Business Insider.
US stocks edged higher on Tuesday as investors watched for signs of further government stimulus and progress on US-China trade talks.
Negotiations between Democrats and Republicans on the next stimulus package appear to have reached a stalemate, meaning the next round of aid might not come soon.
In addition, on Monday, the US Commerce Department issued new rules that tightened Huawei’s access to foreign chips, the latest expansion of the Trump administration’s crackdown on the technology company. This could complicate issues between the US and China.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Tuesday:
- S&P 500:3,390.02, up 0.2%
- Dow Jones industrial average: 27,866.39, up 0.1% (21 points)
- Nasdaq composite:11,180.33, up 0.5%
Investors also got a further glimpse into the economic recovery on Tuesday, as a Commerce Department report showed that housing starts increased by 22.6% in July. The jump in housing starts was more than economists expected, and marked the third straight month of increase.
Earnings season continued, with Walmart and Home Depot both reporting results that beat Wall Street’s expectations Tuesday before the bell. Target and Nvidia are scheduled to report their own earnings on Wednesday.
Oil slipped as traders awaited US supply data and an OPEC+ meeting due Wednesday. West Texas Intermediate crude fell as much as 1.8%, to $US42.11 per barrel. Brent crude, the international benchmark, declined 1.3%, to $US44.76 per barrel, at intraday lows.
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