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U.S. stocks are poised for a weekly loss with all benchmarks lower Friday after President Donald Trump said the U.S. had tariffs ready to go on another $ 267 billion in Chinese goods, on top of the $ 200 billion in goods is now preparing.
The comments made on Air Force One Friday morning overshadowed optimism in the stock market from a healthy August jobs report. Uncertainty on the ramifications of escalating trade clashes and concerns about a downdraft in emerging economies have weighed on investors' feeling all week.
Where are the major benchmarks trading?
The Dow Jones Industrial Average
DJIA, -0.21%
bounced back from intraday lows to trade down 51 points, or 0.2%, to 25.945. The S & P 500 index
SPX, -0.10%
fell 4 points, 0.1% gold, at 2,874 in bumpy action, while the Nasdaq Composite
COMP -0.04%
erased at 0.5% climb to slide 4 points to 7,918.
For the week, the Dow is on pace to end fractionally lower, the S & P 500 is on track to slide by 0.9%, while the Nasdaq is set for a 2.4% drop, according to FactSet data.
What's driving markets?
Trump's comments about tariffs as it has been focused on the most recent developments in the world of trade and commerce in the United States. Trade Agreement.
Earlier in the session, the market has been reported that 201,000 jobs were added in the month of August, slightly better than what had been expected by analysts. The unemployment rate at 3.9%.
The technology sector, meanwhile, remains a focus following several days of protracted weakness. The sector has dropped 2.7% this week. Among the major decliners, Microsoft Corp.
MSFT, -0.50%
has shed 3.7% thus far this week, while Google-parent Alphabet Inc.
GOOGL, -0.49%
GOOG, -0.49%
has dropped 4.4%. Facebook Inc.
FB + 0.21%
has been among the biggest decliners, tumbling 7.5%.
See: Should stock-market investors start worrying about the tech wreck?
Also read: Tech wreck is not what will end this bull market
What are market experts saying?
"I think investors were hopeful that we made progress with Mexico [on trade] "I'm sure we've been saying 'Maybe we're not getting it now,'" said Diane Jaffee, Senior Portfolio Manager at TCW.
"With today's jobs numbers, we're back to our regularly scheduled program. "Mike Loewengart, vice president, investment strategy at E-Trade Financial Corp., said Mike Loewengart, vice president, investment strategy at E-Trade Financial Corp.
"Strong jobs numbers, more strength from economic fundamentals, and a market coming off," he said.
"The interpretation of that [jobs report] "Ernesto Ramos, head of equities for BMO Global Asset Management, said:" This is inflation-driven growth in the economy, driven by the wage growth.
"It's the strength of the wage-growth number that's driving us down today. I think this bakes in the idea of this year, which is not good for the market. "This tells a higher probability of more than one year," he told MarketWatch.
"The tech's weakness and trade concern me to a degree. "You can not have a good market if it is not a leader, and there is no doubt that tariffs and weakness in China," said Wayne Kaufman, chief market analyst at Phoenix Financial Services.
What stocks are in focus?
Alibaba Group Holding Ltd.
Baba, + 1.91%
shares rose 1.8% after the company announced a stock-buyback program.
Hedge fund manager Daniel Loeb said Friday that he is planning to seek to replace the entire board. Campbell Soup Co.'s
CPB + 0.50%
coming annual shareholder meeting. The company's shares were up 0.6%.
Oppenheimer Noah Kaye analyst started research coverage of Caterpillar Inc.
CAT -0.32%
with a neutral rating, saying an upbeat outlook on management's ability to mitigate earnings volatility is offset by valuation that is a bit rich. Shares of the giant industrials were down 0.4%.
Michaels Cos.
MIK, + 4.80%
shares rose 4.7% after the company approved a stock-buyback program of $ 500 million.
Tesla Inc.
TSLA, -6.74%
shares sank 6.9% amid a series of unsettling developments at the company. The electric-car maker's chief accounting officer Dave Morton resigned on Sept. 4, roughly a month after joining Tesla, according to a regulatory filing. Separately, Chief Executive Elon Musk appeared to smoke marijuana during an interview on "The Joe Rogan Experience" podcast.
Shares of Roku Inc.
ROKU, + 2.86%
rose 2.7%, putting the media-streaming company on a track to close at a record. The stock hit a fresh all-time high of $ 65.99 in Friday's trade.
-Ryan Vlastelica contributed to this report
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