Stocks slipped on Wednesday as investors digested mixed news around U.S.-China trade talks along with testimony from the highest-ranking Federal Reserve official.
The Dow Jones Industrial Average gave back 13.25 points to 27,678.24.
The S&P 500 dipped 2.67 points to 3,089.17 from Tuesday’s all-time high.
The NASDAQ subsided 9.96 points from Tuesday’s peak to 8,476.13
NetApp is among a number of firms reporting earnings today.
The U.S. and China are reportedly at loggerheads over tariffs as they seek to conclude phase one of their trade deal. The Wall Street Journal reported Tuesday night, citing people familiar with the talks, that the impasse is on whether the U.S. should remove existing tariffs or would only cancel duties that are set to take effect on Dec. 15.
The report comes a day after President Donald Trump told the Economic Club of New York that China was “dying” to make a trade deal.
However, Trump offered no detail about how talks have evolved. Trump also blamed previous U.S. administrations for letting China “cheat” on trade.
Meanwhile, Fed Chairman Jerome Powell will address the Congressional Joint Economic Committee later in the day. In prepared remarks, he said the path of Fed interest rates is unlikely to change as long as the economy keeps growing.
On the data front, the U.S. consumer price index rose more than expected in October. The index increased by 0.4% last month, the U.S. Labor Department said. Economists expected a gain of 0.3%.
Prices for the 10-Year U.S. Treasury gained ground, lowering yields to 1.87% from Tuesday’s 1.91%. Treasury prices and yields move in opposite directions
Oil prices added 54 cents to $57.34 U.S. a barrel.
Gold prices acquired 10 dollars to $1,463.70 U.S. an ounce.