U.S. stocks were lower Wednesday morning as doubts persisted about progress on a U.S.-China trade deal, despite encouraging earnings from some retailers.
The Dow Jones Industrial Average was off 60 points, 0.2%, at 27,874, while the S&P 500 was off 4 points, 0.1%, at 3,116. The Nasdaq lost about 4 points, less than 0.1%, at 8,566.
Trade talks between the U.S. and China are in danger of hitting an impasse, threatening to derail the Trump administration's plan for a limited “phase-one” pact this year, according to the Wall Street Journal, citing former administration officials.
Both sides remain divided over core issues—including Beijing's demand for removing tariffs and the U.S.'s insistence on China buying farm products—nearly six weeks after an “agreement in principle” was announced by the White House on Oct. 11.
Shares of Target Corp. soared toward a record Wednesday, after the discount retailer reported fiscal third-quarter profit and revenue that rose above expectations, and raised its full-year outlook.
Lowe's Cos. said net income from its third-quarter ending Nov. 1 jumped to $1.05 billion, or $1.36 a share, from $629 million, or 78 cents a share. Shares of the home improvement retailer also touched a new high.
The 10-year Treasury note yield fell 3.4 basis points to 1.752%.