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By Shreyashi Sanyal
(Reuters) – The S & P 500 and the Dow Industrials reversed the trend to pull back Friday, while the Nasdaq gave up almost all gains after President Donald Trump said the new import tariffs Chinese companies amount to 267 billion dollars.
Trump's latest salvo in the trade dispute comes as the world awaits its decision to impose $ 200 billion rights on the products of the Asian nation.
The United States and Japan have started trade talks, Trump said, adding that Tokyo "knows it's a big problem" if an agreement can not be reached.
"Trump's comments are one of those cards that are coming out of the day and bringing down the markets," said Gary Bradshaw, portfolio manager at Hodges Funds in Dallas, Texas.
Eight of the top 11 sectors of S & P were lower. The industrial index fell 0.65%, the shares of the Boeing and Caterpillar trade-sensitive companies falling by 1.6% and 0.9% respectively. The S & P materials index fell 0.84%.
Earlier, White House economic adviser Larry Kudlow said Trump would not make a decision on $ 200 billion worth of Chinese goods before officials evaluate public comments.
US stocks went high and low Friday, dipping outside after strong employment data in August pushed rates up, before Kudlow's comments provided some relief.
At 12:50 ET, the Dow Jones Industrial Average Index fell by 133.83 points, or 0.51%, to 25,862.04, the S & P 500 fell by 6.09 points, or 0.21%, to 2,871.96 and Nasdaq Composite gained 2.26 points, or 0.03%. at 7,924.98.
The defensive real estate index fell 1.11%, the highest among sectors, while utilities followed with a decline of 0.93%.
The technology index, which led to earlier market growth, reversed the trend to fall by 0.04%. The Philadelphia SE Semiconductor Index also yielded gains in trading.
Broadcom chip maker maintained its gains and finished up 6.7% after a strong revenue forecast for the quarter.
Marvell technology, however, gave up most of its gains and was last up 0.3%. The chip maker has increased its synergies forecast around the acquisition of Cavium.
Tesla slid 6.4% as a result of management's latest abuses and investors' growing concern over the behavior of CEO Elon Musk after smoking marijuana on a live webcast.
Falling issues outperformed the 2.52 to 1 ratio on the NYSE and the Nasdaq ratio of 1.23 to 1.
The S & P index posted 36 new highs of 52 weeks and 16 new lows, while the Nasdaq recorded 87 new highs and 53 new lows.
(Report by Shreyashi Sanyal in Bengaluru, edited by Shounak Dasgupta)
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