Markets

Here's what happened to the stock market on Wednesday

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Traders work before the closing bell at the New York Stock Exchange (NYSE) on September 12, 2019 at Wall Street in New York City.
Johannes Eisele | AFP | Getty Images

Dow Jones Industrial Average flat

The Dow Jones Industrial Average was essentially unchanged, down 0.07 points to 27,492.56. The S&P 500 rose 0.07% to 3,076.78 and the Nasdaq Composite fell 0.29% to 8,410.63 as big tech companies, including Amazon, Apple and Facebook, retreated. Investors largely took a wait-and-see approach as they digested the latest development on the U.S.-China trade front.

Trump-Xi meeting delayed

Stocks hit their session lows after reports said any signing of the "phase one" U.S.-China trade deal won't take place until December. The meeting between President Donald Trump and Chinese leader Xi Jinping is delayed as the two sides are still debating the terms and a venue, a senior administration official told CNBC.

Trump is scheduled to be in London for a gathering of NATO leaders on Dec. 3-4, and a potential signing could happen before or after that visit, CNBC reported. The White House's goal is still to reach agreement by Nov. 16, but it's not clear that timeline can be delivered, the source said.

HP surges, CVS jumps

HP surged 6.36% on Wednesday after Xerox reportedly made a cash-and-stock offer for the personal-computer and printer maker. Combining the companies could save more than $2 billion in expenses, sources told CNBC's David Faber.

CVS Health rose 5.36% on stronger-than-expected third-quarter earnings. Results were helped by strength in the company's pharmacy benefit management unit, as well as its Aetna health insurance business.

What happens next?

Jobless claims are on the agenda for Thursday after jobs creation in October easily beat expectations. Investors will also monitor a interest rate decision from the Bank of England. Read more here.