U.S. stocks were drifting near their record on Wednesday, according to the Associated Press, after news surfaced of a trade agreement with China. The S&P 500 edged up by 0.1% in morning trading and was just 1.6% below its all-time high set in February. The Dow Jones Industrial Average was up 73 points, or 0.2%, and the Nasdaq composite was 0.2% higher.
Chewy tumbled 11.8% after the seller of pet supplies reported a weaker profit for the latest quarter than analysts had forecast. Expectations were high after its stock had already rallied nearly 37% coming into the day for the year so far.
Tesla helped support the market after rising 1.4%. It’s been recovering much of its big losses taken last week after Elon Musk’s relationship with President Donald Trump imploded, which in turn raised fears about a loss of business for the electric-vehicle company.
In the bond market, the yield on the 10-year Treasury eased to 4.44% from 4.47% late Tuesday. Shorter-term yields, which more closely track expectations for what the Fed will do with overnight interest rates, fell more.
