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U.S. equity markets were little changed Wednesday as investors digested President Trump’s decision to call off trade talks with China and another batch of strong retail earnings.

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The S&P 500 edged up 0.14% in the opening minutes of trading while the Nasdaq Composite gained 0.05%. Both indexes finished the previous session in record territory.

TickerSecurityLastChangeChange %
SP500S&P 5003391.87+2.09+0.06%
I:COMPNASDAQ COMPOSITE INDEX11210.941938+0.10+0.00%
I:DJIDOW JONES AVERAGES27879.4+101.33+0.36%

The Dow Jones Industrial Average, meanwhile, was higehr by 22 points, or 0.08%, after ending Tuesday 6.38% below its record peak of 29,551.42 in February.

Trump called off talks scheduled for this past Saturday that were supposed to focus on the progress of the phase one trade deal signed in January, saying he wasn’t happy with the way China handled the COVID-19 outbreak.

"What China did to the world was unthinkable,” Trump told reporters in Yuma, Ariz. “They could have stopped it [the coronavirus.] They stopped it from going into China and they should have stopped it, so that's correct, I canceled talks with China."

Looking at stocks, Target Corp. comparable sales grew at a record 24.3% during the three months through June as customers stocked up on electronics, home goods, food and essentials while taking advantage of same-day service options amid the COVID-19 pandemic. Digital sales increased 195% versus last year.

TickerSecurityLastChangeChange %
TGTTARGET CORP.151.54+14.64+10.69%
LOWLOWE’S COMPANIES INC.158.71+0.80+0.50%

Lowe’s Companies, Inc. beat on both the top and bottom lines as its U.S. home-improvement business saw sales at stores open at least 12 months rise 35.1% from a year ago.

Southwest Airlines Co. lowered its third-quarter daily cash burn forecast to $20 million per day, down from $23 million, amid a pickup in bookings in August. The company also expects capacity to be down 30% to 35% during the current quarter, a slightly bigger decline than its previous expectation of a 20% to 30% decline.

On the deals front. Johnson & Johnson agreed to pay $6.5 billion, or $52.50 per share, for Momenta Pharmaceuticals Inc., an autoimmune disease specialist. The deal represents a 70% premium over where Momenta was valued at Tuesday’s closing bell.

Apple shares remained in focus as they held just below the $467.77 needed for the tech giant to become the first U.S. company to reach a $2 trillion market capitalization.

TickerSecurityLastChangeChange %
LUVSOUTHWEST AIRLINES CO.35.26+1.10+3.22%
JNJJOHNSON & JOHNSON150.48+0.39+0.26%
MNTAMOMENTA PHARMACEUTICALS INC52.12+21.32+69.18%
AAPLAPPLE INC.465.81+3.56+0.77%

Looking at commodities, West Texas Intermediate crude oil slid 47 cents to $42.42 per barrel while gold dropped $18.40 to $1,994.70 an ounce.

U.S. Treasurys gained, pushing the yield on the 10-year note down by 1.5 basis points to 0.654%.

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In Europe, Britain’s FTSE was trading higher by 0.32%, Germany’s DAX gained 0.5% and France’s CAC added 0.36%.

Asian markets finished mixed as Japan’s Nikkei climbed 0.26% while Hong Kong’s Hang Seng and China’s Shanghai Composite fell 0.74% and 1.25%, respectively.

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