The major U.S. equity indexes finished lower on Thursday on renewed concerns over the trade dispute between the United States and China. Going into this week-end’s summit, traders are less-hopeful that a trade deal will be struck between the two economic powerhouses. Earlier in the week, the stock market was supported by optimism the U.S. President Trump and China President Xi Jinping would reach a trade agreement at the G20 summit in Argentina on November 30 to December 1.
In the cash market, the benchmark S&P 500 Index settled at 2737.76, down 6.03 or -0.22%. The blue chip Dow Jones Industrial Average closed at 25338.84, down 27.59 or -0.11% and the tech-based NASDAQ Composite finished at 7273.74, down 17.85 or -0.24%.
After posting modest gains early in the session, all three major indexes turned lower after the South China Morning Post reported White House advisor Peter Navarro would be attending the dinner between President Donald Trump and Chinese leader Xi Jinping in Buenos Aires at the G20 summit. CNBC later confirmed the news.