US STOCKS-Wall Street treads water as trade-fuelled rally pauses

Reuters

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    * Trump says has not agreed to roll back tariffs
    * Disney rises on revenue, profit beat
    * Gap falls after surprise CEO exit
    * Indexes: Dow down 0.19%, S&P off 0.08%, Nasdaq up 0.06%

 (Updates to open)
    By Arjun Panchadar and Agamoni Ghosh
    Nov 8 (Reuters) - Wall Street halted a record run on Friday
as U.S. President Donald Trump contradicted reports that the
United States and China would roll back existing tariffs.
    The S&P 500 and Dow Jones indexes had closed at all-time
highs on Thursday after officials said both countries had agreed
to roll back tariffs on each others' goods in a "phase one"
trade deal if it is completed.
    But Trump said on Friday he had not agreed to roll back the
tariffs, although Beijing would like him to do so. The news sent
all three major U.S. stock indexes sharply lower, but they
quickly recovered to trade near flat.  urn:newsml:reuters.com:*:nW1N26G02B
    "Investors somewhere knew that there was an existing issue
regarding the rollback of these tariffs and with record highs
being set, a little consolidation is to be expected," said
Michael Geraghty, capital market strategist at Cornerstone
Capital Group in New York.
    Seven of the 11 major S&P 500 sectors were trading lower,
with the energy sector shedding 1.51% as oil prices fell.
Trade-sensitive technology stocks dropped 0.11%.  O/R  
    Still, the S&P 500 is on track for its best year since 2013,
while the Nasdaq and blue-chip Dow are eyeing yearly gains after
dropping in 2018, partly propelled by a rosy third-quarter
earnings season.
    Of the 430 S&P 500 companies that have reported results so
far, nearly three quarters have beaten profit estimates,
according to IBES data from Refinitiv. Those numbers, to some
extent, reflect significantly lowered analysts' forecasts.
    Walt Disney Co  DIS.N  gained 3.96% as its popular theme
parks and a remake of "The Lion King" lifted earnings, and the
company also spent less than it had projected on its online
streaming service, Disney+.  urn:newsml:reuters.com:*:nL3N27N57T
    At 10:32 a.m. ET the Dow Jones Industrial Average  .DJI  was
down 52.84 points, or 0.19%, at 27,621.96 and the S&P 500  .SPX 
was down 2.47 points, or 0.08%, at 3,082.71. The Nasdaq
Composite  .IXIC  was up just 5.28 points, or 0.06%, at
8,439.80.
    Among other stocks, Gap Inc  GPS.N  tumbled 8.14% after it
said Chief Executive Art Peck would leave the company, a
surprise exit in the middle of a restructuring. The apparel
retailer also slashed its full-year earnings forecast.
 urn:newsml:reuters.com:*:nL3N27N5HY
    Activision Blizzard Inc  ATVI.O  fell 1.36% after the video
game publisher forecast fourth-quarter adjusted revenue below
estimates, as it faces stiff competition from online and
free-to-play games.  urn:newsml:reuters.com:*:nL3N27N4W2
    Energy drinks maker Monster Beverage  MNST.O  was up 3.53%
after posting a better-than-expected third-quarter profit and
announcing a $500 million share buyback plan.  urn:newsml:reuters.com:*:nASC0AJ6I
    Declining issues outnumbered advancers for a 1.14-to-1 ratio
on the NYSE and for a 1.01-to-1 ratio on the Nasdaq.
    The S&P index recorded 14 new 52-week highs and two new
lows, while the Nasdaq recorded 37 new highs and 59 new lows.

 (Reporting by Arjun Panchadar and Agamoni Ghosh in Bengaluru;
Editing by Anil D'Silva and Maju Samuel)
 ((Arjun.Panchadar@thomsonreuters.com; within U.S.
+1-646-223-8780; outside U.S. +918067492767;))

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