Stock market news: Stocks snap their 3-day winning streak

A
trader works on the floor of the New York Stock Exchange moments
before the closing bell on June 1, 2009 in New York City. Despite
the news of General Motors Corp.�s bankruptcy filing, the Dow
closed up over 200 points following positive economic news for
U.S. manufacturing, consumer and construction
spending.
Spencer
Platt/Getty

• Stocks fell Thursday as Wall Street mulled over an expected
  meeting between President Donald Trump and Chinese leader Xi
  Jinping.
• The Dow had posted its best day since March on
  Wednesday after the Federal Reserve chairman gave a speech
  received as dovish.
• 
  Follow the US indices in real
  time here.
  

Stocks fell Thursday amid
concerns about escalating trade tensions, a day after Federal
Reserve comments received as dovish helped the Dow rally by the
most in eight months.

The Dow Jones Industrial Average
fell 0.11%, and the Nasdaq Composite shed 0.25%. The S&P 500
was down 0.22%. The three major US indices had risen for a third
straight session Wednesday after Federal Reserve Chairman Jerome
Powell said rates were “just below”
the neutral level.

“Markets were cheered by Powell’s
dovish remarks, but trade dispute rhetoric between the US and
China ahead of this weekend’s G20 summit is keeping a lid on
investor enthusiasm,” said Vincent Heaney, a strategist at
UBS.

Minutes from the Federal
Reserve’s latest policy meeting

out Thursday

pointed to a December rate
increase, but left the path for next year open. Market watchers
have been closely monitoring for signs of whether recent equity
turbulence or ongoing trade tensions could influence the Federal
Reserve’s rate path.

Yields on the 10-year note fell
1.6 basis points to 3.028% following the minutes, and the


dollar

rose slightly
against a basket of peers.

President Donald Trump and
China’s Xi Jinping are expected to meet at the G20 summit in
Argentina this weekend. Trump has offered conflicting remarks
about negotiations in recent days, however, stirring fears that
more tariffs could be put in place between world’s largest
economies.

“I think we’re very close to
doing something with China but I don’t know that I want to do
it,” he told reporters Thursday, referring to a potential deal to
ease tensions first reported by

The Wall Street
Journal

.

Not helping the mood,

Reuters reported

Thursday afternoon that White
House trade adviser Peter Navarro, a vocal critic of China who is
seen as a policy hardliner, is expected to attend the Trump-Xi
meeting.

On the commodities front,
oil rose 3% after Russia signaled it could cut production.
With

West Texas
Intermediate

trading
below $50 a barrel at session lows and


Brent

around $60,
however, prices are still deep in bear territory. OPEC and other
major producers are set to discuss coordinated output levels at a
meeting next week.