Investing.com – U.S. stocks closed lower on reports U.S.-China trade talks had stalled, with both sides upping the ante in recent days.
The fell 0.38%, the lost 0.58%, while the fell 1.04%.
Trade-sensitive industrials led the declines in the broader market, falling more 1% after CNBC reported that the scheduling of discussions for the next round of trade talks have been put on hold.
Caterpillar (NYSE:) and 3M (NYSE:) ended in the red, off 3.04% and 1.58%, respectively. Boeing (NYSE:), however, eked out a 0.34% gain, shrugging off trade jitters after the aircraft maker completed the software update for its 737 Max plane, which has been grounded following two recent fatal crashes.
U.S.-China trade relations soured following President Donald Trump’s earlier decision this week to ban U.S. companies from using Huawei telecommunications technology. Beijing hit back, threatening to walk away from trade talks and accusing the U.S. of lacking a sincere desire to end the trade war,
“If there is no real concrete action by the United States, it will be meaningless for you to come and talk,” said Taoran Notes, a social media account tied to the Economic Daily, a state-run newspaper. “It is better to suspend the consultation completely and return to the normal working track.”
The comments referred to U.S. Treasury Secretary Steven Mnuchin’s intention to travel to Beijing to continue talks.
The fell 2.48% on Friday and 1.94% for the week. It’s off 3.5% in May. American depositary units of Baidu Inc. (NASDAQ:), the Chinese-language internet search provider, fell 16.5% on Friday after warning future earnings could be affected by the trade dispute. Several investment firms downgraded the ADRs. Baidu lost 18.14% on the week and have slumped 22.81% this month.
Tech stocks were also on the back foot as semis plunged, led by