Here are five things you must know for Friday, March 8:
1. — Stocks Slump as Trade Deal Said Not Imminent
U.S. stock futures were lower on Friday, March 8, taking their cue from Asian markets that fell sharply on concerns the U.S. and China weren’t as close to reaching a trade deal as had been hoped and as Wall Street awaited the U.S. jobs report for February.
Contracts tied to the Dow Jones Industrial Average slid 98 points, futures for the S&P 500 fell 10.50 points, and Nasdaq futures declined 36 points.
The U.S. and China have yet to set a date for a summit to resolve their trade dispute, said Terry Branstad, the U.S. ambassador to China, as neither side feels an agreement is imminent.
“A date hasn’t been finalized” for a meeting between Donald Trump and Chinese President Xi Jinping, Branstad told The Wall Street Journal in an interview.
Negotiators need to further narrow the gap in their positions, including over the enforcement of a potential deal, before summit arrangements are made, Branstad said.
“Both sides agree that there has to be significant progress, meaning a feeling that they’re very close before that happens,” Branstad said. “We’re not there yet. But we’re closer than we’ve been for a very long time.”
Stocks in the U.S. closed lower on Thursday for a fourth straight session amid signs of slowing global growth after the European Central Bank said it would step in to support a slowing eurozone economy. Meanwhile, on Friday, China’s General Administration of Customs reported that exports fell 20.7% in February, much wider than expected, after rising 9.1% the previous month.
The economic calendar in the U.S. Friday includes the U.S. jobs report for February at 8:30 a.m. ET. Economists surveyed by FactSet expect the U.S. to have added 180,500 jobs last month, down from 304,000 in