The Dow Jones Industrial Average and S&P 500 indexes ended slightly higher on Wednesday after news of a fresh round of U.S.-China trade talks, while the Nasdaq fell following a decline in Apple as it unveiled larger iPhones with only minor changes to its offerings.
The Administration has reached out to China for a new round of trade talks as it prepares to activate punitive tariffs on $200 billion worth of Chinese goods.
Trade-sensitive stocks rose, including Boeing, were up 2.4 percent.
Apple fell 1.2 percent. The company also unveiled health-oriented watches based on the design of current models.
Shares of fitness device rival Fitbit closed out the trading day down 6.9 while shares of Garmin lost some earlier gains and were flat after the launch of Apple’s latest Apple Watch.
The S&P technology index was down 0.5 percent, reversing Tuesday’s gains, with fears of further deregulation also hurting Apple as well as social media names.
Six major Web and Internet service companies, including Apple, are to detail their consumer data privacy practices to a Senate panel on Sept. 26, raising the specter of the possibility of stricter regulation.
Among the six companies to testify later this month, Twitter was down 3.7 percent, while Alphabet fell 1.5 percent. Facebook, not among the companies to testify, was nonetheless down 2.4 percent.
The Philadelphia Semiconductor index fell 1.2 percent after Goldman Sachs became the latest brokerage to warn of lower prices for memory chips due to an oversupply of DRAM and NAND chips. Micron closed down 4.3 percent, while Applied Materials fell 2 percent.
Financial shares lost ground with 10-year bond yields. The S&P financial index ended the trading day down 0.9 percent.
Approximately 7.1 billion shares changed hands on the major domestic equity exchanges, as compared to the 6.2 billion share daily average over the past 20 trading days, according to Thomson Reuters data.