LIVE MARKETS-US stocks end mixed as trade uncertainty weighs

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U.S. STOCKS END MIXED AS TRADE UNCERTAINTY WEIGHS

Stocks were mixed on Wednesday as investors continued to monitor trade talk risks with the United States and China locked into contentious negotiations over tariffs.

U.S. President Donald Trump called China's Xi Jinping tough and "extremely hard to make a deal with" on Wednesday, exposing frictions after the White House raised expectations for a long-awaited phone call between the two leaders this week.

A lasting trade deal with China is seen as key to supporting risk sentiment, after markets were initially roiled by concerns over the impact of high tariffs on the country’s exports.

Data on Wednesday also raised concerns about slowing growth and higher inflation as the U.S. services sector contracted for the first time in nearly a year in May while businesses paid higher prices for inputs.

The Federal Reserve’s Beige Book on Wednesday further showed that U.S. economic activity has declined and higher tariff rates have put upward pressure on costs and prices in the weeks since policymakers last met to set interest rates.

“Uncertainty is leading to hesitancy, and hesitancy is hitting growth. Business and consumer moods will swing with the status of the trade war, but just like the Fed is taking a 'wait and see' approach to monetary policy, people are stuck in wait and see mode, too,” said Brian Jacobsen, chief economist at Annex Wealth Management.

The Nasdaq Composite .IXIC was the strongest major index, ending up 0.3%. The S&P 500 .SPX was roughly flat, and the Dow Jones Industrial Average .DJI dipped 0.2%.

Here is Wednesday's closing market snapshot:

(Karen Brettell, Chuck Mikolajczak)

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