US stocks waver on US-China trade worries

Associated Press

Stock indexes were little changed in afternoon trading today after wavering for much of the day between small gains and losses.

Health care, communications and technology companies took the heaviest losses, while financial, industrial and energy stocks notched gains.

The market had veered lower early in the day after comments from a key U.S. trade negotiator stoked doubt over how much progress was being made on resolving the trade war between the U.S. and China.

Trade Representative Robert Lighthizer told a panel of lawmakers that "much still needs to be done" before the U.S. and China can reach an agreement. China has offered to make major purchases of U.S. goods, such as soybeans and natural gas, in a bid to resolve the conflict, but Lighthizer said such steps wouldn't be enough.

"The issues on the table are too serious to be resolved with promises of additional purchases," he said. "We need new rules."

Investors were also keeping an eye on escalating international tensions. Pakistan said it shot down two Indian warplanes in the disputed region of Kashmir and captured a pilot. The incident worsened relations between the nuclear-armed rivals to a point not seen in the last 20 years.

The news overshadowed a mix of corporate earnings reports. Weight Watchers plunged to its lowest point in nearly two years after issuing a dismal forecast. Best Buy surged on surprisingly good holiday sales.