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Wall Street slips as weak economic data offsets earnings strength

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Wall Street slips as weak economic data offsets earnings strength

Wall Street slips as weak economic data offsets earnings strength

Wall Street lost ground on Wednesday as weak U.S. economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter earnings reports.

Yahaira Jacquez reports.

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Wall Street slips as weak economic data offsets earnings strength

Wall Street lost ground on Wednesday as weak economic data spooked investors, despite a string of generally positive third-quarter earnings.

Technology shares, led by Microsoft, weighed on all three indexes - pushing the Dow, S&P and the Nasdaq into the red.

Fears that cracks might be spreading from the manufacturing sector to the broader economy were top of mind for investors after the Commerce Department on Wednesday said retail sales fell for the first time since February.

Also hanging over investors - uncertainty over whether the United States and China could resolve their long-running trade dispute after Trump said he probably wouldn't sign a trade deal before he meets with Chinese President Xi Jinping next month.

(SOUNDBITE) (ENGLISH) JOSH JALINSKI OF JALINSKI ADVISORY GROUP SAYING: "I don't believe these retail numbers are significant in the long - macro outlook.

I would want to see us have a real trade deal - not just phase one.

Not just by the election but a couple months before if the president wants to win so I think he needs that." Of the 11 major sectors in the S&P 500, three were trading in negative territory, with energy and tech suffering the most.

On the other hand, Bank of America and United Airlines both rose 2 percent after beating the street with solid third quarter earnings.




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