The S&P 500 and NASDAQ composite closed lower on Friday as tensions between the U.S. and China weighed on investor sentiment while both countries continued negotiations on trade.
The Dow Jones Industrials came off its highs of the day, but still gained 1.11 points to 24,715.09, as Boeing hiked 2.1%, and Caterpillar shares rose 1.3%
The S&P 500 subtracted 7.16 points to 2,712.97, with energy and financials lagging
The NASDAQ dropped 28.13 points to 7,354.34
The major indexes posted slight weekly losses. The Dow and S&P 500 both fell 0.5% for the week, while the NASDAQ pulled back 0.7%. The move lower this week took place after the averages jumped more than 2% last week.
In corporate news, Nordstrom shares dropped nearly 11% after the Seattle-based retailer reported same-store sales that missed analyst expectations. The miss was enough to overshadow better-than-expected revenue and earnings for the first quarter.
Applied Materials also dropped 8.3% after the company issued guidance that disappointed investors.
On Thursday, the two largest economies in the world began the second round of trade talks. But President Donald Trump told reporters he doubted the negotiations would be successful.
Tensions between the U.S. and China have increased in recent months as both countries have hit each other with tariffs targeting some of their exports.
Prices for the benchmark for the 10-year U.S. Treasury were sharply higher, lowering yields to 3.06% from Friday’s 3.12%. Treasury prices and yields tend to move in opposite directions.
Oil prices fell 17 cents a barrel to $71.32 U.S.
Gold prices leaped $1.80 at $1,291.20 U.S. an ounce.
