The S&P 500 was largely unchanged on Thursday as investors monitored developments in global trade negotiations.
The Nasdaq Composite rose 0.3%, while the Dow Jones Industrial Average fell 171 points, or 0.4%, dragged down by a 7% decline in IBM shares.
The muted movement today comes after the street experienced strong upward momentum in the past two sessions.
The S&P 500 has climbed more than 4% over the past two sessions, driven largely by optimism around potential tariff reductions.
Markets surged on Wednesday after reports that the US was considering cutting tariffs on Chinese goods, though gains moderated after Treasury Secretary Scott Bessent clarified that there had been “no unilateral offer from the president to deescalate” the trade dispute with China.
China says no ongoing trade negotiations
China stated on Thursday that there are no ongoing trade negotiations with the US, countering signals from the White House earlier in the week suggesting a possible easing of tensions.
“At present there are absolutely no negotiations on the economy and trade between China and the US,” said Ministry of Commerce Spokesperson He Yadong.
He dismissed any claims of progress and added, “If the US really wants to resolve the problem … it should cancel all the unilateral measures on China.”
The remarks follow recent comments from President Donald Trump and Treasury Secretary Scott Bessent, who indicated that a de-escalation might be possible.
Earlier this month, the US imposed 145% tariffs on Chinese goods, prompting retaliatory duties from Beijing and tighter export restrictions on critical minerals.
China’s Foreign Ministry Spokesperson Guo Jiakun echoed the commerce ministry’s stance, reaffirming that no talks are underway and reiterating China’s position that any dialogue would require equal treatment.
Trump tariffs dampen corporate America’s sentiments
As earnings season progresses, the impact of ongoing US tariffs is becoming a key concern, pressuring first-quarter results and leading several major companies to lower their outlooks.
Firms across sectors—including food, aviation, and telecommunications—are revising strategies, raising prices, and cutting forecasts in response to trade measures introduced under the Trump administration.
Although many tariffs have been suspended until July 8, a 10% general rate still applies to a broad range of imports, along with substantial duties on steel, aluminum, and automobiles.
PepsiCo has lowered its earnings guidance, pointing to rising costs and declining consumer confidence as key pressures.
While Unilever and Chipotle also flagged difficulties, citing pricing headwinds and increasing volatility in consumer behaviour as companies navigate a more uncertain macro environment.
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