Stock market retreats as Trump says he hasn’t agreed to roll back China tariffs

U.S. stocks traded mostly lower Friday after President Trump cast doubt on earlier reports that the administration would agree to roll back import duties on China as part of a “phase-one” trade deal.

How are the major benchmarks performing?

The Dow Jones Industrial Average DJIA, -0.19% fell 90 points, or 0.3% to 27,584, the S&P 500 index SPX, +0.01% fell 4 points or 0.1% to 3,081, while the Nasdaq Composite Index COMP, +0.20% gained 7 points, or 0.1%, at 8,442.

On Thursday, the Dow rose 182.24 points, or 0.66%, to a record 27,674.80, while the S&P 500 index gained 8.4 points, or 0.27%, to an all-time high of 3,085.18. The Nasdaq Composite Index added 23.89 points, or 0.28%, to 8,434.52, its second-highest close in history, according to Dow Jones Market Data.

For the week, the Dow was likely to gain 1%. while the S&P 500 and Nasdaq may finish the five-session period 0.5% higher.

What’s driving the market?

Markets pulled back Friday amid growing doubts that the U.S. will agree to pare import duties in stages as a part of its partial pact with China, with the decline deepening after President Trump told reporters he hasn’t yet approved such a measure.

Peter Navarro, a senior U.S. trade adviser, said late Thursday that there was no formal agreement in place and the final decision would lie with Trump, according to the Wall Street Journal.

Investors had bid up stocks earlier this week on hopes that the U.S. would agree to a plan to remove tariffs, with enthusiasm gaining early Thursday after China’s Ministry of Commerce said that an agreement had been achieved to jointly eliminate some tariffs in stages as a part of the phase-one pact but optimism surrounding that news faded in afternoon trade amid reportsof “fierce internal opposition” within

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