Wall Street inches lower as trade concerns linger

REUTERS: Wall Street edged lower on Wednesday, as concerns over an escalation in the U.S.-China trade war and weak economic indicators persisted, while a raft of upbeat results underlined a solid start to the third-quarter earnings season.

The reports followed strong earnings on Tuesday from JPMorgan Chase & Co and Citigroup Inc , showing consumer confidence remained strong despite recession fears that have led businesses to pull back on spending and borrowing. Of the 43 S&P 500 companies that have reported earnings so far, 86per cent have topped Wall Street expectations, according to IBES data from Refinitiv.

The Nasdaq Composite was down 28.26 points, or 0.35per cent, at 8,120.44, coming under pressure from a 3.61per cent fall in shares of Adobe Inc after Citigroup downgraded the Photoshop software maker.

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