US market today: Wall Street holds steady as traders eye US-China trade talks; Dow slips 0.15% while Nasdaq rises
Wall Street stocks traded flat on Monday as investors watched closely for signs of progress in trade talks between the US and China, the world's two largest economies.
The S&P 500 remained flat, trading at a gain of 0.2%, up 1.43 points reaching 6,001.79.
The Dow Jones Industrial Average slipped 62.21 points or 0.15%, trading at 42,7000.66. Nasdaq inched up 0.15% or 29.11 points reaching 19,559.06 as of 7:17 PM IST.
Officials from both countries met in London to discuss ongoing trade disputes, raising hopes that a resolution could help avoid a recession.
Optimism is building around the possibility that Washington and Beijing could eventually strike a deal to scale back the heavy tariffs they've imposed on each other, levies that have disrupted the flow of goods ranging from high-tech gadgets to industrial machinery.
While those tariffs are currently paused, hopes for a breakthrough have helped fuel a powerful rally on Wall Street in recent weeks.
One of the key drivers behind the S&P 500's rebound, now within just 2.5% of its all-time high, is speculation that the US President Donald Trump may ease tariffs if fresh trade deals are secured. The index had previously slumped around 20% from its record high but has since clawed back most of those losses.
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However, analysts warned that nothing is guaranteed. The latest round of discussions in London follows earlier talks in Switzerland, with market watchers waiting to see whether these diplomatic efforts to reach a conclusion.
Warner Bros. Discovery shares surged 11.8% after the media giant announced plans to split into two separate companies. One division will include Warner Bros. Television, HBO Max, and the studio's other iconic entertainment brands, while the other will house CNN, TNT Sports, and various digital and news platforms.
Quantum computing firm IonQ rose 3.2% after revealing it will acquire Oxford Ionics in a deal worth nearly $1.08 billion.
Meanwhile, Tesla shares fell 3.5%, continuing their recent slide as the electric carmaker grapples with both operational headwinds and a cooling relationship between Elon Musk and Donald Trump.
In global markets, European indexes slipped slightly, while Asian markets mostly rose. Hong Kong's Hang Seng jumped 1.6% and Shanghai's index added 0.4%, even as Chinese data showed export growth slowing to 4.8% in May from 8.4% in April. China also reported a 0.1% drop in consumer prices year-on-year—the fourth straight month of deflation.
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