Markets Right Now: More China trade fears sink US stocks
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are capping a turbulent week with another decline Friday as investors worry that a resolution in the U.S.-China trade dispute is a long ways off.
The Dow Jones Industrial Average fell as much as 280 points, rallied to a slight gain, then slipped in the closing minutes to end with a loss of 90 points.
Technology and retail companies had some of the biggest losses.
Escalating tension between the U.S. and China over trade was the catalyst for the big swings in the market this week. President Donald Trump indicated Friday he’s in no rush to resume negotiations.
The S&P 500 fell 19 points, or 0.7%, to 2,918.
The Dow Jones Industrial Average dropped 0.3%, to 26,287. The Nasdaq fell 80 points, or 1%, to 7,959.
Stocks are capping a turbulent week with another decline as traders worry that trade talks with China could be on the rocks again.
Indexes started lower Friday and the losses accelerated after President Donald Trump said it was “fine” if a meeting on trade with China next month doesn’t happen.
The midday declines hurt technology and communications companies the most.
Nvidia slumped 3.7% and Netflix lost 2.9%.
That capped a week in which Trump threatened more tariffs on Chinese goods and Beijing allowed its currency to weaken against the dollar. Both sent shudders through markets.
The S&P 500 fell 36 points, or 1.2%, to 2,901.
The Dow Jones Industrial Average lost 259 points, or 1%, to 26,119. The Nasdaq fell 125 points, or 1.6%, to 7,914.
Stocks are edging lower on Wall Street in early trading at the end of an unusually turbulent week for the market.
Technology and communications companies were among the biggest losers in early trading. Chipmaker Micron Technology lost 1.6% and TripAdvisor fell 1.2%.
Uber plunged 8.8% after the ride-hailing company reported a $5.2 billion loss in its latest quarter, its largest on record. The results were weighed down by stock-based payouts following its initial public offering.
The S&P 500 fell 8 points, or 0.3%, to 2,929.
The Dow Jones Industrial Average lost 74 points, or 0.3%, to 26,309. The Nasdaq fell 35 points, or 0.4%, to 8,003.
The yield on the 10-year Treasury held steady at 1.71%.