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S&P Has Worst Weekly Performance This Year as U.S.-China Trade War Worsens S&P Faces Worst Week This Year as U.S.-China Trade War Grows
(about 4 hours later)
Stocks fell again on Wall Street, sending the S&P 500 down for its fifth consecutive day, as the Trump administration imposed fresh tariffs, escalating the trade war with China. Wall Street flirted with a fifth consecutive daily decline on Friday, after the Trump administration imposed fresh tariffs on imports from China, escalating the trade war between the world’s largest economies.
The benchmark American stock market index had fallen by more than 1 percent in late morning trading Friday, led by declines in health care, tech, energy and industrial shares. The S&P 500 was down slightly in midafternoon trading, and has fallen more than 2.5 percent this week, its worst weekly performance of the year. It remains up by more than 14 percent this year.
The S&P 500 has dropped more than 3.5 percent this week, its worst weekly performance of the year, though it remains up more than 13 percent this year. The selling this week has reflected growing uncertainty about the fate of a trade deal between the United States and China. Even as a Chinese delegation traveled to Washington for a round of talks, President Trump repeatedly signaled his growing impatience with the status of the discussions — with each comment from the president whipsawing the stock market.
Early Friday, the administration raised tariffs to 25 percent from 10 percent on Chinese imports that are worth about $200 billion a year. President Trump said the increase came in response to Chinese officials attempting to “renegotiate” a pact aimed at calling a truce in the trade war. China said it would respond with unspecified countermeasures.Early Friday, the administration raised tariffs to 25 percent from 10 percent on Chinese imports that are worth about $200 billion a year. President Trump said the increase came in response to Chinese officials attempting to “renegotiate” a pact aimed at calling a truce in the trade war. China said it would respond with unspecified countermeasures.
Mr. Trump also said on Twitter that “there is absolutely no need to rush” on a trade deal, dampening hopes that an agreement would be reached quickly.Mr. Trump also said on Twitter that “there is absolutely no need to rush” on a trade deal, dampening hopes that an agreement would be reached quickly.
Still, the Trump administration effectively delayed the full brunt of the tariff increase, specifying that it would collect the duties only on goods that leave China starting on Friday. That means they will not hit Chinese products already on ships destined for the United States, though goods that are flown in will be more immediately affected. Later Friday, after the latest round of talks had ended, Steven Mnuchin, the Treasury secretary, told reporters that the discussions were “constructive,” and stock markets began to recover.
“Our base case remains that the U.S. and China will eventually reach some kind of accord,” Mark Haefele, global chief investment officer for the Swiss bank UBS, said in a research note. “Both the U.S. and China have strong incentives to reach a deal, and we do not expect a complete breakdown in negotiations.” Concerns about the ongoing trade battle overshadowed the trading debut of Uber. The ride-sharing company priced its public offering Thursday, which valued it at more than $82 billion, but shares fell from the I.P.O. price in early trading Friday.
Concerns about the ongoing trade battle between the world’s two largest economies overshadowed excitement over trading debut of Uber. The ride-sharing company priced its public offering Thursday, which valued it at more than $82 billion. Yields on the 10-year Treasury note declined again, suggesting that investors continued to move money into the safety of government bonds. The yield on the 10-year note hovered around 2.45 percent in morning trading. Prices for soybeans, a top American export to China, slipped again and hovered near their lowest levels of the last decade.
Yields on the 10-year Treasury note declined again, suggesting investors continued to move money into the safety of government bonds. The yield on the 10-year note hovered around 2.43 percent in morning trading. Prices for soybeans, a top American export to China, slipped again and hovered near their lowest levels of the last decade. As American markets turned down, European stocks gave up some of their gains in afternoon trading. The Dax in Germany was up 0.7 percent and the CAC 40 in France was 0.3 percent higher. The FTSE 100 in London fell 0.06 percent.
As American markets turned down, European stocks gave up some of their gains in afternoon trading. The Dax in Germany was up 0.6 percent and the CAC 40 in France was 0.2 percent higher. The FTSE 100 in London rose 0.2 percent.
Shares in China, which sometimes get a lift from state-run companies looking to buoy the market, rose sharply but gains elsewhere in Asia were more muted.Shares in China, which sometimes get a lift from state-run companies looking to buoy the market, rose sharply but gains elsewhere in Asia were more muted.
In China, the Shanghai Composite Index rose 3.1 percent, while the Shenzhen Composite Index rose 3.8 percent.In China, the Shanghai Composite Index rose 3.1 percent, while the Shenzhen Composite Index rose 3.8 percent.
The Hang Seng Index in Hong Kong rose 0.8 percent. In Japan, the Nikkei 225 index fell 0.3 percent after disappointing wage data there. South Korea’s Kospi index rose 0.3 percent.The Hang Seng Index in Hong Kong rose 0.8 percent. In Japan, the Nikkei 225 index fell 0.3 percent after disappointing wage data there. South Korea’s Kospi index rose 0.3 percent.