3rdPartyFeeds

Dow stumbles, Nasdaq gains at Friday’s open as stock-market investors await Trump’s response to China crackdown on Hong Kong

U.S. stocks opened mostly lower Friday, but were set for strong weekly gains, as investors watched simmering tensions between the U.S. and China, a clash that could derail a market that is attempting to recover from a coronavirus-induced rout. The Dow Jones Industrial Average was off 122 points, or 0.5%, at 25,278, the S&P 500 index was off 0.3% at 3,023, while the Nasdaq Composite Index was up 0.3% at 9,402. President Donald Trump said he would hold a news conference on Friday focused on China but he has yet to set a specific time. Friction between the two largest economies on the planet have intensified following Beijing's imposition of new national-security laws on the city. On Thursday, the U.S., Australia, Canada and the U.K. governments issued a joint statement Thursday reiterating their "deep concern regarding Beijing's national security law on Hong Kong," after China's parliament, the National People's Congress passed legislation that could curtail democratic freedoms in the semiautonomous city. Traders are worried that Trump could announce new sanctions on China, which could reignite Sino-American trade tensions that dogged the market for much of 2019. Meanwhile, Federal Reserve Chairman Jerome Powell is slated to participate remotely in an event at Princeton University at 11 a.m. Eastern. In corporate news, Shares of social-network companies were expected to remain in focus. shares of Twitter Inc. and Facebook Inc. will be in focus after Trump used an executive order targeting the social-media platforms. Read More...

U.S. stocks opened mostly lower Friday, but were set for strong weekly gains, as investors watched simmering tensions between the U.S. and China, a clash that could derail a market that is attempting to recover from a coronavirus-induced rout. The Dow Jones Industrial Average was off 122 points, or 0.5%, at 25,278, the S&P 500 index was off 0.3% at 3,023, while the Nasdaq Composite Index was up 0.3% at 9,402. President Donald Trump said he would hold a news conference on Friday focused on China but he has yet to set a specific time. Friction between the two largest economies on the planet have intensified following Beijing’s imposition of new national-security laws on the city. On Thursday, the U.S., Australia, Canada and the U.K. governments issued a joint statement Thursday reiterating their “deep concern regarding Beijing’s national security law on Hong Kong,” after China’s parliament, the National People’s Congress passed legislation that could curtail democratic freedoms in the semiautonomous city. Traders are worried that Trump could announce new sanctions on China, which could reignite Sino-American trade tensions that dogged the market for much of 2019. Meanwhile, Federal Reserve Chairman Jerome Powell is slated to participate remotely in an event at Princeton University at 11 a.m. Eastern. In corporate news, Shares of social-network companies were expected to remain in focus. shares of Twitter Inc. and Facebook Inc. will be in focus after Trump used an executive order targeting the social-media platforms.

Read More

Add Comment

Click here to post a comment