Advertisment
U.S. stocks bounced back from losses Friday but still closed lower as trade-related jitters overshadowed strong economic data.
The Dow Jones Industrial Average slid 98.68 points, or 0.4%, to 25,764 and the S&P 500 index lost 16.79 points, or 0.6%, to 2,859.53. The Nasdaq Composite Index declined 81.76 points, or 1%, to 7,816.28.
The Dow shed 0.7% for the week, bringing its weekly losing streak to four, the longest since May 2016. The S&P 500 fell 0.8% on the week while the Nasdaq dropped 1.3%.
A spokesman for China’s Ministry of Commerce called the Trump administration’s moves to raise tariffs last week, and the threat of additional tariffs on the roughly $300 billion in annually imported Chinese so far untouched by new duties, “bullying behavior,” that has resulted in “severe negotiating setbacks.”
Chinese state media also took aim at the Trump administration’s decision to put Chinese tech giant Huawei Technologies Co. Ltd. on a list of entities that are working contrary to U.S. interests, which could result in U.S. companies needed to secure special permits to sell the company chips it relies on for end products.
Hewlett Packard Enterprise Co. shares shed 4.48%, after the company announced a deal to buy supercomputer manufacturer Cray Inc. for $1.3 billion.
Semiconductor firm Nvidia Corp. dipped 2.28 percent, after it reported earnings Thursday evening that beat severely lowered expectations for the first quarter. Nvidia, however, declined to reiterate a fully year forecast while indicating that demand for the data-center market remains week.
Shares of Pinterest Inc. sank 14% after the social media company announced first-quarter losses of $41.4 million, which were three times as large as analysts had expected.
The University of Michigan’s consumer sentiment index in May climbed to a reading of 102.4, a 15-year high, from April’s reading of 97.2. Economists expected a reading of 97.1.
West Texas Intermediate crude for June delivery fell 11 cents, or 0.2%, to settle at $62.76 a barrel.
The 10-year Treasury note yield fell 1.1 basis points to 2.396%, bouncing off an intraday low of 2.364%. The benchmark yield slipped 5.9 basis points this week.
