Markets Right Now: Stocks on track for worst week of year
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are falling again on Wall Street after the U.S. and China failed to reach a trade deal, triggering a round of higher tariffs on Chinese goods.
The slump Friday extended a losing streak for stocks that has now erased all of April’s gains and put the benchmark S&P 500 index on track for its biggest weekly loss of the year.
Technology stocks, which have led the market this year, fell the most. Those companies do a lot of business with China and would suffer greatly in a long trade war.
Chipmakers did especially poorly. Micron gave up 3.6%.
The S&P 500 fell 32 points, or 1.1%, to 2,838.
The Dow Jones Industrial Average lost 262 points, or 1%, to 25,562. The Nasdaq fell 116 points, or 1.5%, to 7,793.
Stocks are opening broadly lower on Wall Street as traders are disappointed that the U.S. and China failed to reach a deal on trade before Friday’s tariff deadline.
Technology and industrial stocks, which would stand to lose the most in a drawn-out trade conflict, had some of the biggest losses Friday.
Western Digital lost 1% and Deere & Co. also lost 1%
The U.S. raised tariffs on $200 billion worth of Chinese goods early Friday after no deal was reached, and President Donald Trump said there was no need to rush the talks with China.
The S&P 500 index fell 9 points, or 0.4%, to 2,860.
The Dow Jones Industrial Average lost 100 points, or 0.4%, to 25,724. The Nasdaq fell 31 points, or 0.4%, to 7,879.