Wall St Takes On Concern Of Extended Trade Dispute By Reuters

By Amy Caren Daniel

(Reuters) – US stocks fell on Friday as investors worried about the possibility of an endless trade dispute between the two countries, but hope the two sides will reach a last minute deal with limited losses.

President Donald Trump said it was "absolutely in no hurry" to finalize a trade deal with China, after the US had increased tariffs to 25% on Chinese goods from China. Worth $ 200 billion.

But even as Beijing threatened retaliation, the Washington negotiators agreed to stay for a second day, hoping for an agreement.

"Everyone knows that the United States and China are discussing and viewing tariffs as a currency of exchange – it's all about leverage and maneuvers against whom," said Andre Bakhos, chief executive of New Vines Capital. LLC in Bernardsville, New Jersey.

"In the end, Trump will reach an agreement, but in the meantime, we have to accept his way of doing it, we're going to have a lot of volatility, until we've clarified things."

Boeing (NYSE 🙂 Co, the largest US exporter to China, fell 0.7%, while caterpillar Inc. (NYSE 🙂 fell 0.9%.

At 9:40 am, the drop of 77.76 points, or 0.30%, to 25,750.60. The was down 8.18 points, or 0.28%, to 2 862.54 and was down 20.37 points, or 0.26%, to 7 890.22.

Rising tensions triggered a flight to safety and resulted in a 2.8% fall in the S & P 500 index so far this week, which led to the benchmark to record its worst weekly decline since December.

Global equities saw $ 20.5 billion of cash outflows last week as a "trade deal trauma" injected more money into bonds, said Bank of America Merrill Lynch (NYSE 🙂 in a report.

Yields on longer-dated US Treasuries have reached unprecedented levels for the last five weeks because of the nervousness of trade and controlled inflation data.

Technology stocks fell 0.33% and weigh the most on the S & P, dragged down by the iPhone maker's stock and by a plunge Symantec Corp (NASDAQ :).

The antivirus maker fell 15.2 percent after posting a profit warning and unexpectedly announced that its general manager would pull out.

In the midst of market uncertainty, brokerage firm Uber Technologies (NYSE 🙂 Inc. will make its debut after raising $ 8.1 billion in the largest US IPO since 2014.

Bookings (NASDAQ 🙂 Holdings increased 4%, the highest of the S & P and Nasdaq indexes, after the provider of travel reservations and online restaurant reservations announced better than expected room bookings in the last quarter.

Falling issues outnumbered defenders for a ratio of 1.47 to 1 on the NYSE and a ratio of 1.62 to 1 on the Nasdaq.

The S & P index recorded two new highs over 52 weeks and three new lows, while the Nasdaq recorded 14 new highs and 33 new lows.