Advertisement
Singapore markets closed

  • Straits Times Index

    3,280.10
    -7.65 (-0.23%)
     

  • Nikkei

    37,934.76
    +306.28 (+0.81%)
     

  • Hang Seng

    17,651.15
    +366.61 (+2.12%)
     

  • FTSE 100

    8,116.31
    +37.45 (+0.46%)
     

  • Bitcoin USD

    64,096.99
    +650.59 (+1.03%)
     

  • CMC Crypto 200

    1,387.21
    -9.32 (-0.67%)
     

  • S&P 500

    5,048.42
    -23.21 (-0.46%)
     

  • Dow

    38,085.80
    -375.12 (-0.98%)
     

  • Nasdaq

    15,611.76
    -100.99 (-0.64%)
     

  • Gold

    2,360.20
    +17.70 (+0.76%)
     

  • Crude Oil

    84.12
    +0.55 (+0.66%)
     

  • 10-Yr Bond

    4.7060
    +0.0540 (+1.16%)
     

  • FTSE Bursa Malaysia

    1,575.16
    +5.91 (+0.38%)
     

  • Jakarta Composite Index

    7,036.08
    -119.22 (-1.67%)
     

  • PSE Index

    6,628.75
    +53.87 (+0.82%)
     

Stocks- Wall Street Slumps as U.S.,China Edge Toward Trade War

Investing.com
Wall Street was lower on Friday.
Wall Street was lower on Friday.

Investing.com – Wall Street open lower on Friday as U.S. President Donald Trump announced trade tariffs against China, prompting investor fear of a trade war.

The S&P 500 was down 11 points or 0.41% to 2,771.16 as of 9:38 AM ET (13:38 GMT) while the Dow composite decreased 181 points or 0.72% to 24,993.69 and tech heavy NASDAQ Composite fell over 39 points or 0.51% to 7,721.38.

U.S. President Donald Trump announced a 25% tariff on $50 billion of Chinese goods on Friday, with China threatening to respond.

The two largest economies in the world have been in a tit-for-tat over global trade tariffs in recent months as the two struggle to reconcile their trade differences. The tariffs have increased chances of a full-blown global trade war as the European Union and Canada have voted to retaliate against U.S. metal tariffs.

ADVERTISEMENT

Technology stocks were lower, with Netflix (NASDAQ:NFLX) falling 1.00%, Adobe Systems Incorporated (NASDAQ:ADBE) down 3.76% and Dropbox Inc (NASDAQ:DBX) decreasing 0.93%. Bank of America (NYSE:BAC) dipped 1.08% while Boeing (NYSE:BA) slumped 2.28% and Caterpillar (NYSE:CAT) lost 2.00%.

Elsewhere Qualcomm (NASDAQ:QCOM) inched up 0.18% while AT&T (NYSE:T) rose 0.15% and apparel firm Canada Goose Holdings Inc (NYSE:GOOS) surged 27.68% after its earnings results came in higher than expected.

In Europe stocks were down. Germany’s DAX fell 89 points or 0.68% while in France the CAC 40 decreased 16 points or 0.30% and in London, the FTSE 100 was down 84 points or 1.09%. Meanwhile the pan-European Euro Stoxx 50 lost 24 points or 0.70% while Spain’s IBEX 35 slumped 127 points or 1.28%.

In commodities, gold futures fell 1.50% to $1,288.70 troy ounce while crude oil futures decreased 1.33% to $66.00 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.17% to 94.77.

Related Articles

Comcast’s record all-cash Fox bid signals aggressive lending push

Russian state reinsurer shoulders more risk after U.S. sanctions

SPDR Active ETF Trust declares quarterly distribution on funds