Stocks on Wall Street snapped a three-session winning streak Monday. They closed nearly flat just before the start of earnings season amid uncertainty over a partial U.S.-China trade deal. The three indexes shed a tenth of a percent.
RiverFront Investment Group chief market strategist, Kevin Nicholson:
SOUNDBITE: RIVERFRONT INVESTMENT GROUP CHIEF MARKET STRATEGIST, KEVIN NICHOLSON (ENGLISH) SAYING:
"I think right now, what you're seeing in the stock market, it's trying to figure out exactly what the Phase 1 of the trade deal actually entails. And I think that's why you're basically seeing stocks flat today. Also, we're going into earnings season and I think that stocks are just trying to find their footing right before we start kicking off earnings season tomorrow."
The news wasn't all bad. One of the best performers: Nike. Bank of America Merrill Lynch upgraded the stock of the athletic apparel maker to "neutral" from "underperform." It commended Nike's move to expand its Air Jordan franchise beyond basketball.
But Beyond Meat shares lost some of their sizzle. Wells Fargo started coverage of the plant-based meat maker with a "market perform" rating, recommending that investors wait for more information on new competitors before buying the shares.
Aecom's shares rose. The construction company is selling its management services unit for about $2.4 billion to two private equity firms.