Stocks close mixed on fresh trade fears

Traders
work on the floor of the NYSE in New York
Thomson Reuters

Stocks were mixed Tuesday after President Donald Trump doubled
down on protectionist rhetoric in an address before the United
Nations General Assembly, saying Americans will no longer
“tolerate abuse” on trade. The dollar retreated as the Federal
Reserve kicked off its two-day policy meeting, and Treasury
yields jumped. 

Here’s the scoreboard:

Dow Jones industrial
average: 26,496.65 −65.40
(-0.25%)

S&P
500: 2,917.44 −1.93 (-0.066%)

Nasdaq
Composite: 8,007.47 +14.22
(+0.18%)

1. Brushing off a rise in tensions with major trade
   partners, Americans are feeling
   upbeat about the economy. The Conference
   Board said its consumer confidence reading jumped to 138.4 in
   September from a revised 134.7 last month, marking the highest
   reading in a decade and a half.
   Separate data out showed July home prices gained at the
   slowest pace in 10 months.
2. Progress on NAFTA revisions stalled again, increasing
   talk of a bilateral trade deal between the US and
   Mexico. The Trump administration is ready to
   move forward without Canada, Trade Representative Robert
   Lighthizer reiterated at a New York conference. Sticking points
   include access to Canada’s protected dairy market and how
   trade disputes should be settled.
3. 
   Oil prices pared gains but held close to four-year
   highs. Trump
   called on OPEC and Russia once again to increase oil
   output as the world braces for US sanctions on
   Iranian barrels. A cartel committee met over the weekend to
   discuss supply concerns, but didn’t announce a
   production hike. 

And a look at the upcoming economic calendar:

• The Federal Reserve is expected to raise its benchmark
  interest rate. 
• The US reports on final GDP, trade, and manufacturing
  activity.