Stocks – Wall Street Slumps on Falling Trade Hope, Disappointing Earnings

© Reuters. – Wall Street slumped on Friday as trade hopes waned after China’s state-run media expressed impatience with how talks were going with the U.S.

The fell 14 points, or 0.5%, by 9:39 AM ET (13:39 GMT), while the lost 133 points, or 0.5%, and the tech-heavy was down 50 points, or 0.6%.

It is “meaningless” for officials to meet without the U.S. showing it is sincere, according to Taoran Notes, a WeChat blog run by the state-owned Economic Daily, seen as a mouthpiece for government opinion.

The comments, just one day after the White House excluded Huawei and other Chinese companies from the U.S. market, are a turn of rhetoric for China, which had previously been patient and hopeful on a deal being reached.

Pinterest (NYSE:) slumped 14% after the open, as its first earnings report since going public failed to beat estimates, while Amazon (NASDAQ:) was down 0.7%.

Uber (NYSE:) lost 3% on news that Amazon invested $575 million into U.K.-based delivery company Deliveroo.

Meanwhile Deere (NYSE:) slipped 4% as ongoing trade tensions and rain-delayed planting hit the company’s bottom line.

In commodities, fell 0.3% to $1,281.85 a troy ounce, while rose 0.4% to $63.17. The , which measures the greenback against a basket of six major currencies, neared a two-year high at 97.700.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result

Read More Here...

Bookmark the permalink.