Weakness from the Communication Services Sector
The S&P 500 has teetered around its flat line for most of the morning as it currently trades flat. The benchmark index was up as much as 0.4% shortly after the start of trading amid optimism that the U.S. and China kicked off another round of trade talks in Beijing.The communication services sector has been today's laggard with a loss of 0.5%. The group has been weighed by underperformances from heavyweights Facebook (FB 166.32, -1.00, -0.6%), Comcast (CMCSA 37.22, -0.38, -1.0%), and Disney (DIS 109.81, -1.70, -1.5%).Activision Blizzard (ATVI 40.44, -2.76) has been a notable drag as it trades lower by 6.8%. The company is planning to cut hundreds of jobs, according to Bloomberg. Also, The Benchmark Company lowered its price target to $68 ahead of Activision's earnings report tomorrow.Overseas, the major European indices closed on a higher note with Germany's DAX gaining 1.0%, UK's FTSE gaining 0.8%, and France's CAC gaining 1.1%. The Europe Stoxx 600 increased 0.9%.