Stocks - Wall Street Slumps on Falling Trade Hope, Disappointing Earnings

Investing.com - Wall Street slumped on Friday as trade hopes waned after China’s state-run media expressed impatience with how talks were going with the U.S.

The S&P 500 fell 14 points, or 0.5%, by 9:39 AM ET (13:39 GMT), while the Dow lost 133 points, or 0.5%, and the tech-heavy Nasdaq composite was down 50 points, or 0.6%.

It is "meaningless" for officials to meet without the U.S. showing it is sincere, according to Taoran Notes, a WeChat blog run by the state-owned Economic Daily, seen as a mouthpiece for government opinion.

The comments, just one day after the White House excluded Huawei and other Chinese companies from the U.S. market, are a turn of rhetoric for China, which had previously been patient and hopeful on a deal being reached.

Pinterest (NYSE:PINS) slumped 14% after the open, as its first earnings report since going public failed to beat estimates, while Amazon (NASDAQ:AMZN) was down 0.7%.

Uber (NYSE:UBER) lost 3% on news that Amazon invested $575 million into U.K.-based delivery company Deliveroo.

Meanwhile Deere (NYSE:DE) slipped 4% as ongoing trade tensions and rain-delayed planting hit the company’s bottom line.

In commodities, gold futures fell 0.3% to $1,281.85 a troy ounce, while crude oil rose 0.4% to $63.17. The U.S. dollar index, which measures the greenback against a basket of six major currencies, neared a two-year high at 97.700.

Related Articles

Wall St. falls after China's tough talk on trade

White House delays decision on imported auto tariffs

Turmoil at Thyssenkrupp marks battle for Germany's economic identity