Wall Street Slumps on Trade Worries

Wall Street fell on Friday as lack of progress on the U.S.-China trade deal spooked investors.

The S&P 500 fell 11 points, or 0.41%, as of 9:34 AM ET (14:34 GMT), while the Dow lost 117 points, or 0.47%, and the tech-heavy Nasdaq Composite decreased 39 points, or 0.54%.

With less than one month to go before the U.S. increases tariffs on Chinese goods, investors remain cautious as U.S. President Donald Trump said he does not plan to meet with Chinese President Xi Jinping before the March 1 deadline to sign a trade deal.

“Investors are experiencing another hiccup in the trade talks and with the March deadline approaching fast, they are being a tad cautious,” said Andre Bakhos, managing director at New Vines Capital.

Amazon.com (NASDAQ:AMZN) slumped 2.4% after founder Jeff Bezos accused the National Enquirer’s publisher of attempted blackmail amid allegations from the tabloid of an extramarital affair. Tesla (NASDAQ:TSLA) dipped 1.6%, while Facebook (NASDAQ:FB) fell 1.2% and Twitter (NYSE:TWTR) declined 2.5%.

Semiconductor company Micron (NASDAQ:MU) decreased 3%, while Intel (NASDAQ:INTC) was down 1.2% and IBM (NYSE:IBM) inched down 0.11%.

Elsewhere, Coty (NYSE:COTY) jumped 26% after the beauty company posted higher-than-expected earnings, even as it reported a $960.6 million loss. Mattel (NASDAQ:MAT) increased 25% after the toymaker reported strong Barbie sales in the key holiday quarter.

In commodities, gold futures rallied 0.25% to $1,317.55 a troy ounce, while crude oil was flat at $52.64 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched down 0.01% to 96.278.


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