Markets Right Now: Stocks slip on consumer confidence drop

NEW YORK — The latest on developments in financial markets (all times local):

12 p.m.

Stocks are lower at midday on Wall Street Tuesday as a sharp drop in a reading on U.S. consumer confidence outweighs optimism surrounding U.S.-China trade negotiations.

The Conference Board's consumer confidence index fell to 125.1 in September from a revised August reading of 134.2. Consumer spending has supported the U.S. economy amid a slowdown in manufacturing.

Consumer-focused stocks declined. Harley-Davidson fell 2.8% and Under Armour dropped 1.7%.

Stocks rose earlier after Treasury Secretary Steven Mnuchin confirmed top-level trade talks are set for the week of Oct. 7.

The S&P 500 fell 4 points, or 0.1%, to 2,987. The Dow Jones Industrial Average slipped 4 points to 26,994. The Nasdaq dropped 50 points, or 0.6%, to 8,061.

Bonds rose. The yield on the 10-year Treasury fell to 1.66% from 1.70% Monday.

___

9:45 a.m.

Stocks are rising at the open on Wall Street Tuesday after U.S. Treasury Secretary Steven Mnuchin confirmed that China-U.S. trade talks were due to resume in two weeks' time.

Technology stocks were the early market leaders. Apple rose 1% after analysts at Jefferies upgraded the stock to a "buy."

Consumer-focused stocks also rose. CarMax gained 1.1% after the auto dealer's quarterly results beat analysts' estimates.

Mnuchin late Monday confirmed top-level trade talks are still set for the week of Oct. 7.

The S&P 500 rose 14 points, or 0.5%, to 3,006. The Dow Jones Industrial Average gained 119 points, or 0.4%, to 27,069.

The Nasdaq rose 44 points, or 0.6%, to 8,156.

Bonds rose slightly. The yield on the 10-year Treasury slipped to 1.69%.

Other News

Japan's economy slows to snail's pace as exports falter

Aug 15, 2016

Japan's economy slows in the April-June quarter, as weaker exports and business investment weigh on the faltering recovery of the world's third-largest economy

Insurers continue to abandon ACA exchanges, limiting choice

Aug 16, 2016

Aetna will abandon for next year Affordable Care Act insurance exchanges in more than two-thirds of the counties where it sells coverage, making it the latest major health insurer to cuts choices in many markets

Global stocks dip ahead of release of Fed minutes

Aug 17, 2016

Global stocks and the price of oil dipped Wednesday as investors awaited the release of the minutes to the Federal Reserve's latest meeting for hints on when the next interest rate increase might come

The Budget Report seeks to provide comprehensive coverage and analysis on the current economic, financial issues around the world. First hand finance and economic news all day, every day.