Trump says he’s ‘looking at’ exempting Apple from China tariffs

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Stocks skid lower at the open as report points to impasse on partial U.S.-China deal

U.S. stocks opened lower Wednesday morning as doubts persisted about progress on a U.S.-China trade deal and weak corporate earnings offered few reasons for investors to bid stocks higher after touching records. The Dow Jones Industrial Average declined 52 points, or 0.2%, at 27,873, the S&P 500 index slipped 5 points, or 0.2%, at 3,115, while the Nasdaq Composite Index retreated 0.3% to 8,544. Trade talks between the U.S. and China are in danger of hitting an impasse, threatening to derail the Trump administration’s plan for a limited “phase-one” pact this year. In corporate news, Target Corp.’s shares soared to a record after the discount retailer reported fiscal third-quarter profit and revenue that rose above expectations, and raised its full-year outlook. Meanwhile, President Donald Trump was visiting an Apple Inc. facility in Austin. In economic news, Wall Street was waiting for an account of discussions during the Federal Reserve’s October policy meeting. Fed minutes are due at 2 p.m. ET, and could offer some insights on the policy path.

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