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Home / Business / Stocks Finish Down in Volatile Session Over Trump's China Stance

Stocks Finish Down in Volatile Session Over Trump's China Stance



  • The Dow Jones Industrial Average finished down as President Trump said he's not ready to trade with China and the United States.
  • About Technologies (UBER) shares fell after the ride-sharing company reported a second-quarter loss and warned that more red ink would flow in the months ahead. Uber is Real Money's Stock of the Day.
  • Activision Blizzard (ATVI – Get Report) Shares were down after the video game maker posted stronger-than-expected second-quarter earnings but guided profit growth into the second half. [19659004] Wall Street Overview

    Stocks down Friday, as President Donald Trump said the US wants to close ties with China's Huawei Technologies until the world's two largest economies reach a trade deal.

    The Dow Jones Industrial Average, which has as much as 280 points, moved briefly into 90 days, or 0.34%, to 26,287. The S & P 500 declined 0.66% and the Nasdaq was off 1

    %.

    IBM (Get – Get Report), Intel (INTC – Get Report), and ExxonMobil (XOM) were the Dow's biggest losers.

    Trump's Comments followed by a report that said Washington could not apply for a license to do business with Huawei.

    He told reporters Friday that the US It was canceled in the next round of U.S.-China trade talks scheduled for September. Sept. 1.

    "We hold all the cards," Trump said. "We are doing well."

    Trump blacklisted Huawei, the world's biggest handset marker, in May crisps. But hey agreed to give a month to give timely licensing. The U.S. took action against Huawei after China stopped buying American agricultural products in response to Trump's surprise tariffs threat last week.

    "We are talking to China, we are not ready to make a deal, but we'll see what happens," Trump said

    The PHLX Semiconductor Sector was down 1.8%, and companies like Micron Technology (Get Report), Skyworks Solutions (SWKS – Get Report) and Nvidia (NVDA – Get Report) all lost ground.

    "People should not illusions – stocks are likely to remain volatile," said Alec Young, managing director of FTSE Russell global markets research US-China trade negotiations are positive. "

    Unfortunately, Young said," That's the opposite of what's happening with the G20 trade truce in to question whether September's expected trade negotiations will even proceed. "

    " Consensus earnings expectations still call for an acceleration to high-single-digit growth , "Young said."

    China thus pegged its yuan north of 7 for the second consecutive session, allowing it to trade past the seventh day in a row, risking further ire from Trump.

    "The Mike Loewengart, Vice President of Investment Strategy at E * Trade.

    "Combine this with the dovish trends across central banks globally and investors are looking for shelter in defensive plays, "he said. "With a slew of key indicators on next week, there will be even more news for investors and the markets to digest, and more importantly we'll get a better view into the health of the economy."

    10-year Treasury yield was 0.018 to 1.73% in recent trading.

    Uber Technologies (UBER) shares fell 6.8% to $ 40.03 after the ride-hailing company posted a second-quarter loss of $ 5.24 trillion and warned that more red ink would flow in the months ahead. Uber is Real Money's Stock of the Day.

    Activision Blizzard (ATVI – Get Report) shares were down 2.6% to $ 48.06 after the Call of Duty and World of Warcraft video game maker posted stronger-than-expected second-quarter earnings but guided for slower profit growth into the second half.

    Shares of CBS (CBS – Get Report) fell 3.8% to $ 48.91 after the giant wall hit Wall Street's second-quarter earnings expectations as reported by Viacom (VIAB – Get Report), which was off 2.4% to $ 30.03.

    0.2% in July, the Bureau of Labor Statistics said. In the 12 months through July, the PPI increased 1.7%. Economists had forecast the PPI would rise 0.2% in July and increase 1.7% on a year-on-year basis.

    In the energy sector, Brent crude contracts for October delivery, the global benchmark, were up $ 1.02 to $ 58.40 per barrel while West Texas Intermediate contracts for September, which are more tightly linked to U.S. Gas prices were $ 1.88 at $ 54.42 per barrel.


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