US stocks pause on unsettled trade deal; earnings eyed

NEW YORK - Wall Street edged lower on Monday as uncertainties following recent US-China trade negotiations clouded sentiment and investors turned their focus on the third-quarter earnings season, which begins in earnest on Tuesday.

And while US President Donald Trump hailed his phase 1 of the US-China trade deal as"by far, the biggest deal ever made," no deal was committed to paper and most tariffs on Chinese imports remain in effect. JPMorgan Chase & Co, Goldman Sachs Group Inc, Citigroup Inc and Wells Fargo and Co are scheduled to post third-quarter results.Analysts expect S&P 500 earnings to have contracted in the third quarter by 3.2%, according to Refinitiv data, marking the first decrease since the earnings recession that ended in 2016.The Dow Jones Industrial Average fell 29.23 points, or 0.11%, to 26,787.36, the S&P 500 lost 4.09 points, or 0.14%, to 2,966.18 and the Nasdaq Composite dropped 8.

Construction and engineering company AECOM gained 6.3% after agreeing to sell its management services unit to private equity firms for about $2.4 billion.

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