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Stocks close lower as Wall Street braces for trade war escalations

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Donald Trump Xi Jinping
US
President Donald Trump and Chinese President Xi
Jinping.

Saul Loeb/Pool Photo via
AP


Stocks were mostly lower Thursday as trade concerns continued to
loom over Wall Street. Tech resumed selling for a third straight
session, a day after Congress grilled executives from
Twitter and Facebook about political content and security
measures. 
The dollar and Treasury
yields fell.

Here’s the scoreboard:

Dow Jones industrial
average
25,996.38
+21.39 (+0.082%)

S&P
500
:
 2,879.51 −9.09 (-0.31%)


Nasdaq
Composite


7,922.73
 
−72.45 (-0.91%)

  1. The Trump administration is expected to follow through with
    tariffs
     on roughly $200 billion worth of Chinese
    products after a public comment period ends
    Thursday.
     Beijing has vowed to retaliate against
    the action, which is slated to hit more consumer products than
    previous duties. Ahead of the anticipated announcement,
    businesses have been preparing
    for financial pain.
  2. Progress remains elusive after the US and Canada held a
    second day of trade negotiations. 
    In last-ditch
    efforts to modernize NAFTA, high-level trade officials have yet
    to resolve key issues like tariffs on dairy products and a
    dispute settlement procedure. Last
    week, Trump threatened to hit
    Canada
     with duties on auto imports and to
    exclude the country from a trade agreement with Mexico.
  3. The weekly unemployment rate in the
    US fell
    to nearly a five-decade low
    .
    The Labor Department
    said jobless claims dropped by about 10,000 last week
    to 203,000, the lowest since December 1969. Monthly
    employment numbers are scheduled for release
    Friday. 

  4. CBS
     board members are reportedly in talks to negotiate
    an exit deal for the company’s embattled chief executive Leslie
    Moonves and asking for autonomy from its controlling
    shareholder.
     The board appointed law firms to
    investigate the CEO after the New Yorker published a story
    detailing sexual harassment allegations against Moonves, whose
    interim replacement is expected to be chief operating officer
    Joe Ianniello. Shares
    of the company jumped
     more than 3% following the news.

And a look at the upcoming economic calendar:

  • Employment numbers are out in the US and Canada. 
  • China releases trade balance data.
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