Horizon Investments’ Scott Ladner and The Heritage Foundation’s James Roberts on the market impact from U.S. trade negotiations with China.
Stocks moved lower Tuesday as tensions and trade concerns worried investors.
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The latest U.S. sanctions on Iran drew a sharp rebuke from the Islamic Republic on Tuesday, with Iranian President Hassan Rouhani calling the economic crackdown “outrageous and idiotic.”
Tensions between Tehran and Washington heightened last week after an Iranian missile shot down an unmanned U.S. spy drone over the Strait of Hormuz.
Investors are looking toward the upcoming U.S.-China trade talks to help reduce tensions of a trade war that is damaging the global economy.
Later this week, Trump and Chinese President Xi Jinping are expected to meet at the G-20 summit in Japan.
Jerome Powell, the Chairman of the Federal Reserve will be sitting down at the Council on Foreign Relations for a discussion on the economy and monetary policy on Tuesday afternoon.
In Economic news, the Conference Board Consumer Confidence Index slipped this month to 121.5, the business research group said on Tuesday, down from 131.3 in May. It was the first time in three months that consumer confidence fell in the U.S.
The Commerce Department said Tuesday new home sales dropped 7.8 percent to a seasonally adjusted annual rate of 626,000 units last month, the lowest level since December. April's sales pace was revised up to 679,000 units from the previously reported 673,000 units.
AbbVie announced Tuesday it inked a deal to buy Allergan for about $63 billion.
The pharmaceutical company will be acquired in a cash and stock deal, with the transaction equity value based on AbbVie’s closing stock price of $78.45 on Monday.
Lennar Corp rose after the No. 2 U.S. homebuilder reported a 35.8 percent rise in quarterly profit, selling more as mortgage rates fell.
In Asia, China's Shanghai was down 0.87 percent, snapping a six-session winning streak. Hong Kong's Hang Seng fell 1.2 percent and Japan's Nikkei closed down 0.4 percent.
European markets closed mostly lower. London's FTSE added 0.1 percent. Germany's DAX lost 0.4 percent and France's CAC slipped 0.1 percent.