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US stocks slip as oil and Treasury yields rise ahead of Trump-Xi meeting
Brent crude rose 1.3% to $100.55 a barrel, while spot gold fell 1.1% to $4,304.89 per ounce by 9:05 a.m. ET.
US equities moved slightly lower on Wednesday as higher oil prices and rising Treasury yields weighed on sentiment, while investors focused on an upcoming meeting between US President Donald Trump and Chinese President Xi Jinping. In early trading, the S&P 500 was down 0.1%, the Dow Jones Industrial Average slipped 0.2%, and the Nasdaq Composite fell 0.3%, according to LiveMint Markets.
Energy markets remained in focus after oil had dropped Tuesday on Trump’s statement that US and Iranian officials were holding direct discussions during the United Nations General Assembly. By Wednesday, Brent crude rose 1.3% to $100.55 a barrel as traders assessed the latest developments and their potential implications for global oil supplies, LiveMint Markets reported.
The Trump-Xi summit also remained central for markets, with Xi leaving Beijing on Wednesday accompanied by officials including Cai Qi and Foreign Minister Wang Yi, according to China’s CCTV. Trump is scheduled to meet Xi personally when Xi arrives at Joint Base Andrews, the White House said, and investors are watching for signals that could affect US-China trade relations and broader economic sentiment, LiveMint Markets noted.
In company moves, KB Home shares fell 1% after its executive chairman said housing conditions have become tougher over the past three months. General Mills shares dropped 1.6% despite reporting stronger profit than analysts expected, while gold slid as hawkish Federal Reserve signals supported rate-hike expectations and the US dollar reached two-month highs, LiveMint Markets reported.
Latest closeGold $4,323.20 ▼1.2%|WTI crude $91.79 ▼3.0%|Brent $97.67 ▼1.6%