Wall Street subdued on mixed PMI, U.S.-China trade concerns
- Apple Inc boosted the S&P 500 and the Nasdaq on Monday, even as gains were limited by mixed economic cues in the face of a prolonged U.S.-China trade war.
Apple Inc rose 0.5% after U.S. trade regulators approved 10 out of 15 requests for tariff exemptions by the iPhone maker. Meanwhile, U.S. employment in the services sector shrank for the first time in nine-and-a-half years in September, IHS Markit’s Purchasing Manager’s Index showed on Monday. At 50.9, the services sector PMI was below expectations of 51.3.Earlier in the day, a survey showed manufacturing recession had deepened in Germany, Europe’s biggest economy.
Investors have been cautious about progress in Sino-U.S. trade talks after a Chinese agriculture delegation canceled a visit to Montana. The news on Friday led to Wall Street’s main indexes posting their worst session in about two weeks.
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