Stocks Opened Lower ahead of Trump-Xi Summit

U.S. stocks opened lower on Tuesday amid uncertainty surrounding a meeting later this week between President Donald Trump and his Chinese counterpart. The Dow Jones Industrial Average lately retreated 4.25 points, or 0.02%, to 20,645.96. The S&P 500 declined 1.67 points, or 0.07%, to 2,357.17. The Nasdaq Composite was up 5.81 points, or 0.10%, to 5,900.50.

The U.S. trade deficit fell more than expected in February as exports increased to a two-year high and slowing domestic demand weighed on imports. The Commerce Department said on Tuesday the trade gap declined 9.6 percent to $43.6 billion. January’s trade deficit was revised slightly down to $48.2 billion from $48.5 billion.

Oil prices moved higher in choppy trade on Tuesday, but with investors jittery ahead of U.S. supply data later in the day. Crude oil May delivery rose 22 cents, or 0.4%, to $50.46, while Brent for June delivery added 24 cents, or 0.5%, to $53.37.

Boeing Co. said on Tuesday it has signed a new, $3 billion deal with Iran’s Aseman Airlines to supply 30 737 MAX aircraft to the carrier, the first major sale by a U.S. company to the Islamic Republic under new President Donald Trump.

U.S. telecom behemoth Verizon Communications Inc. (VZ) is planning to unite AOL Inc. with Yahoo Inc.’s (YHOO) core internet assets under one umbrella – Oath. This was recently reported by Bloomberg. Oath is expected to be Verizon’s new company overseeing Yahoo and AOL, including more than 20 brands.