Stock market news: November 5, 2019 – Yahoo Finance

U.S. stocks were relatively flat as investors weighed recent optimism over U.S.-China trade talks against the latest batch of corporate earnings results and economic data, much of which came in mixed.

Here were the main moves in markets, as of 1:02 p.m. ET:

• S&P 500 (^GSPC): -0.02%, or 0.57 points

• Dow (^DJI): +0.21%, or 57.25 points

• Nasdaq (^IXIC): +0.14%, or 12.02 points

• 10-year Treasury yield (^TNX): +7.2 bps to 1.86%

• Gold (GC=F): -1.71% to $1,485.30 per ounce

In a speech Tuesday, China’s President Xi Jinping reaffirmed his commitment to opening up the country’s economy and increasing imports, underscoring the potential for friendlier trade relations with the U.S.

“We will continue to lower tariffs and institutional transaction costs,” Xi said in the text of a keynote speech delivered to a trade exposition in Shanghai. “We will ensure a free yet orderly flow of both international and domestic factors of production, improve the efficient allocation of resources, and deepen integration of markets.”

Xi did not directly address the U.S.-China trade situation, but his remarks were viewed as a reiteration that China would take steps to shrink its trade surplus with the U.S., which has been a sticking point in negotiations between the two sides. In the Census Bureau’s latest report Tuesday, the U.S. trade deficit with China was shown to have decreased by just under $1 billion to $28.0 billion in September, with exports decreasing by $1.0 billion to $9 billion, and imports dropping by $1.9 billion to $37 billion.

Xi’s comments come following recent signals that negotiators from both Washington and Beijing believed they were closing in on a “Phase One” trade agreement, which come before the end of November and lay the groundwork for a more permanent and far-reaching deal.

Meanwhile, the Trump administration is considering removing some tariffs on Chinese goods to help finalize the initial trade deal, the Financial Times reported Monday. According to the report, these would involve the tariffs on $112 billion of consumer goods imports hit at a 15% rate that took effect Sept. 1.

The report helped send the Chinese yuan (USDCNY=X) strengthening past 7 per dollar for the first time since August. At the beginning of August, the People’s Bank of China had allowed the yuan to weaken beyond 7 for the first time in more than 10 years, which had in turn stoked fears that the trade war would broaden out into a currency war.

STOCKS: Uber sees profitability by 2021, Peloton sales double in first report as public company

Uber (UBER) reported a narrower-than-expected quarterly loss and strong sales, but missed expectations on some closely watched measures including gross bookings for its fast-growing UberEats segment. The ride-hailing giant’s adjusted EBITDA loss was $585 million during the quarter, smaller than the $805.1 million expected, and adjusted revenue of $3.5 billion topped estimates by $110 million, according to Bloomberg estimates. CEO Dara Khosrowshahi said he expected Uber would turn a profit on an adjusted basis in 2021.

UberEats saw gross bookings increase to $3.66 billion, or short of the $3.85 billion expected, and monthly active platform consumers grew to 103 million, versus the 107 million total users expected. The stock fell 7% during intraday trading, extending losses from after market close Monday.

Peloton (PTON) posted strong top-line growth in its first quarterly report as a public company, with revenue of $228 million handily topping expectations for $199.4 million. The company’s net loss also narrowed to $49.8 million, or $1.29 per share, from $54.5 million, or $2.18 per share, during the comparable year-ago quarter.

Paid subscribers for Peloton, which sells exercise equipment and digital workout class subscriptions, doubled to 562,774 over last year. The stock reversed earlier gains and fell 3.5% during Tuesday’s session.

Shake Shack (SHAK) posted disappointing sales in the third-quarter, eclipsing a solid bottom-line beat and sending shares sinking by 20%. The burger chain posted same-store sales growth of just 2%, short of the 2.9% expected. It guided toward full-year same-store sales growth of just 1.5%, versus the 2% previously suggested.