US Markets

Wall St cuts losses after Chinese foreign minister comment

Credit: REUTERS/BRENDAN MCDERMID

The S&P 500 reversed losses to trade flat on Thursday after the Chinese foreign minister said the United States has shown good will by waiving tariffs on Chinese products.

By Caroline Valetkevitch

NEW YORK, Sept 26 (Reuters) - The S&P 500 reversed losses to trade flat on Thursday after the Chinese foreign minister said the United States has shown good will by waiving tariffs on Chinese products.

Stocks had been lower earlier as the release of a whistleblower report tied to the Democrats' impeachment move against President Donald Trump kept investors cautious along with a drop in Facebook shares following an antitrust investigation report.

Facebook Inc FB.O slipped 1.8%. A person familiar with the matter told Reuters that the U.S. Justice Department will open an antitrust investigation of the social media company. The stock was among the largest drags on the Nasdaq.

A whistleblower report released earlier in the day alleged that Trump not only abused his office in attempting to solicit foreign interference in the 2020 U.S. election, but that the White House also tried to "lock down" evidence about that conduct. The report is seen as central to the Democrats' impeachment inquiry of Trump.

At 3:32 p.m. ET, the Dow Jones Industrial Average .DJI fell 2.21 points, or 0.01%, to 26,968.5, the S&P 500 .SPX gained 0.07 points, or 0.00%, to 2,984.94 and the Nasdaq Composite .IXIC dropped 29.16 points, or 0.36%, to 8,048.23.

(Additional reporting by Ambar Warrick and Medha Singh in Bengaluru Editing by Nick Zieminski)

((caroline.valetkevitch@thomsonreuters.com; +1 646 223 6393; Reuters Messaging: caroline.valetkevitch.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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