The Dow fell 27.88 points, or 0.10% to end the day at 28,239.28. The S&P 500 fell 0.04% to 3,191.14. The Nasdaq Composite advanced 0.05% to 8,827.73. Stocks continued their drift into record territory during much of the day but turned lower. Enthusiasm was capped by sharp losses from FedEx.
The major averages posted their sixth straight win as the temporary removal of the U.S.-China trade headwinds kept investors from selling at record levels. These slight moves higher come with less than 10 trading days left in what has been a banner year on Wall Street. To be sure, those worries will return in the new year as China and the U.S. try to hammer out a so-called phase two deal which is expected to address key structural issues, including forced technology transfers.
FedEx shares tumbled more than 10% after the shipping giant issued quarterly results that missed analyst expectations. The company said its results were impacted by a weaker global economy and the loss of a large customer, presumed to be Amazon.