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Home / Business / US STOCKS-Wall St prolongs the fall as Trump's comment reinforces trade fears

US STOCKS-Wall St prolongs the fall as Trump's comment reinforces trade fears



(For a live blog on the US stock market, click or enter LIVE / in a news window.)

* US still talks with China, but no deal for now – Trump

* US can delay company permits to trade with Huawei

* UK GDP contracts unexpectedly in Q2

* Uber slides after record loss reporting

* Indices down: Dow 0.61%, S&P 0.71%, Nasdaq 0.93% (Changes comment, adds details; Updates rates)

By Medha Singh

9. August (Reuters) – Wall States main indexes lost on Friday after President Donald Trump said he would not enter into a deal with China for the time being, aggravating fears that US-China's opposition to trade would exacerbate it global economic downturn.

Trump's remark followed a report saying Washington delayed a decision to allow some trade between US companies and China's telecommunications equipment manufacturer Huawei again.

That squeezed the shares of chipmakers and other tariff-sensitive technology companies. The Philadelphia SE Semiconductor Index fell 1.8% and Apple Inc fell 1.1%.

"Until we get some tangible answers to what the (Trump) administration is going to do with China, this is going to be an overhang in the market, creating a lot of sharp turns," said Andre Bakhos, CEO of New Vines Capital LLC in Bernardsville, New Jersey.

Political uncertainty in Italy, the eurozone's third largest economy, and a surprising contraction in the UK economy that it is giving up to leave the European Union in October added to market concerns.

Several investors sought the security of US government bonds, which pushed the US government rate lower.

Friday's loss in US equities came a day after rising to its best one-day percentage gain of two months in a turbulent week dominated by a symbolic fall in China's currency.

At 10:59 am ET, the Dow Jones Industrial Average was down 161.38 points, or 0.61%, at 26,216.81, the S&P 500 was down 20.83 points, or 0.71%, at 2,917 , 26. The Nasdaq Composite was down 75.14 points, or 0.93%, at 7,964.02.

Ten of the 11 major S&P sectors were lower, with the technology sector carrying most of this week's sales and sliding most.

With investors wary of risk, defense sectors, including utilities and real estate, competed this week.

Among shares, Uber Technologies Inc plunged 6.9% after the ride company reported a record loss and revenue of $ 5.2 billion that fell below Wall Street targets.

DXC Technology dropped 31.4% after the IT and consulting services provider cut its profit and revenue forecast for the full year.

Nectar Therapeutics shares plunged 33.1% after the drug developer flagged manufacturing issues with its experimental cancer drug efforts.

Sinking questions accounted for the number of advancers for a 2.27-to-1 ratio on the NYSE and for a 1.99-to-1 ratio on the Nasdaq.

The S&P index recorded 38 new 52-week highs and six new lows, while the Nasdaq reco rded 44 new highs and 80 new lows. (Reporting by Medha Singh and Arjun Panchadar in Bengaluru; Editing by Anil D & # 39; Silva and Arun Koyyur)


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