Stocks open mostly lower on Wall Street; Wells Fargo sinks

Stocks open mostly lower on Wall Street; Wells Fargo sinks

SeattlePI.com

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NEW YORK (AP) — Stocks are off to a mostly lower start on Wall Street as losses for some banks and health care companies offset gains elsewhere in the market. Wells Fargo slumped in early trading Tuesday after reporting a sharp drop in profit in its latest quarter. Other banks including JPMorgan Chase rose. Delta Air Lines rose after reporting higher earnings. The S&P 500 fell 4 points, or 0.1%, to 3,284. The Dow Jones Industrial Average edged up 20 points, or 0.1%, to 28,926. The Nasdaq fell 11 points, or 1%, to 9,262. Bond prices rose. The yield on the 10-year Treasury slipped to 1.83%.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Global stocks mostly edged lower on Tuesday as investors looked to the signing of a trade deal between the U.S. and China as well as upcoming corporate earnings reports.

France's CAC 40 was down 0.3% at 6,015, while Germany's DAX shed 0.2% to 13,429. while. Britain's FTSE 100 dropped 0.2% as well, to 7,599.

U.S. shares were set for a tepid start, with Dow futures almost unchanged and S&P 500 futures down 0.1%.

Market had risen on Monday, adding to gains from last week, over an easing in tension between the U.S. and Iran. Investors are now looking ahead to the signing of an initial trade deal between Washington and Beijing and the potential for future talks.

The world’s largest economies are expected to sign a so-called “Phase 1” trade agreement on Wednesday. It is seen as an opening to future negotiations that will deal with more complicated trade issues.

Japan's benchmark Nikkei 225 rose 0.7% to finish at 24,025.17, while Australia's S&P/ASX 200 added 0.9% to 6,962.20. South Korea's Kospi gained 0.4% to 2,238.88. Hong Kong's Hang Seng lost 0.2% to 28,885.14, while the Shanghai Composite edged...

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