Technology shares led gains in U.S. stocks as investors assessed a raft of corporate earnings against the backdrop of a global economic slowdown.
The Dow was in the red, dragged by a 4.2% fall in shares of 3M Co. after the industrial bellwether lowered its full-year profit forecast. The broader S&P500 traded above the 3,000 level, approaching its all-time high. The NASDAQ composite gained 0.8% to close at 8,185 and cap off a directionless session for the major indexes.
In terms of trade, China has said it is willing to buy $20 billion of US farm goods in a year if it signs a partial trade deal with the US. The purchase would take imports of US farm goods back to around the level in 2017, before the US began imposing tariffs. U.S. Vice President Mike Pence criticized China’s actions against protesters in Hong Kong while calling for greater engagement between the world’s two biggest economies.
