Finance
Stocks close lower as Wall Street braces for trade war escalations
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%)
- 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. - 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. -
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.
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.
-
Business7 days ago
DOJ’s Apple antitrust case neatly aligns with EU on one key point: NFC and mobile payments
-
Business6 days ago
Lordstown Motors’ ousted CEO settles with SEC for misleading investors
-
Business5 days ago
Apple sued, Microsoft’s AI ambitions and Nvidia’s surprises
-
Business4 days ago
TechCrunch Mobility: The wheels are starting to come off the Fisker EV bus
-
Entertainment4 days ago
Amazon Big Spring Sale 2024: Shop 350+ deals on Apple, robot vacuums, security cameras, more
-
Business3 days ago
Maju Kuruvilla is out as CEO of one-click checkout company Bolt
-
Entertainment3 days ago
Asus ROG Zephyrus G14 (2024): The MacBook Pro of gaming laptops
-
Entertainment5 days ago
Amazon’s Big Spring Sale 2024: Shop 340+ deals on Apple, robot vacuums, security cameras, more