U.S. stocks edged lower early Tuesday as investors continued to keep an eye on developments surrounding U.S.-China trade talks and China’s domestic economy.
China on Tuesday lowered its economic growth targetfor 2019 to between 6% and 6.5%, acknowledging a deepening slowdown. Premier Li Keqiang at the opening of the annual session of China’s legislature outlined plans to underpin the economy, including an increase in deficit spending, new tax cuts and other fee cuts for businesses, and a boost in bank lending to small and private companies by 30%.
Markit said its purchasing managers index for the U.S. services sector registered a final reading of 56.0 in February, up from 54.2 in January and largely in line with an earlier “flash” estimate of 56.2. A reading of more than 50 indicates growth in activity. At 2 p.m. the Congressional Budget Office will announce the size of the federal budget deficit in January.
Shares of retailer L Brands LB, +3.39% were in focus Tuesday, after The Wall Street Journal reported that activist investor Barington Capital Group LP had built up a position in the stock and planned to urge the company to split its fast-growing Bath & Body Works brand from its struggling Victoria’s Secret operation. The stock rose 4.8%.
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