The U.S. stock market inched higher Monday, the latest nudge in its record-setting, six-week run, as markets wait for the next development in trade talks between the United States and China.
That leaves negotiations in the U.S.-China trade war as the remaining wild card for the market. President Trump had earlier hoped to have signatures on the first phase of a trade deal by now, at a major international summit that was scheduled for last weekend. But the president of the summit’s host nation, Chile, canceled the meeting last month amid nationwide protests.The two sides are continuing to negotiate, with stock markets around the world swinging on every hint of progress or tension.
Counterbalancing those losses were big gains for technology stocks, particularly chip makers. They bolted higher after the Commerce Department gave another 90-day extension for Chinese tech giant Huawei to continue doing business with U.S. companies. Nvidia jumped 4% for the biggest gain in the S&P 500, and Advanced Micro Devices was close behind with a 3.4% rise.Other winners included stocks in areas of the market that tend to pay big dividends and hold up even when the economy is slowing.