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 August 9, 2019 - 1:17 PM EDT
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Trade Hopes Dim, Stocks Stagger

Trade Hopes Dim, Stocks Stagger

Stocks traded lower on Friday amid renewed trade war fears as Wall Street concluded a wild week.

The Dow Jones Industrials subtracted 117.6 points to 26,260.59

The S&P 500 stepped back 21.88 points to 2,916.21

The NASDAQ faltered 83.32 points, or 1%, to 7.955.84

The S&P 500 and NASDAQ both down 1% for the week through late-morning Friday. The Dow was down 1.4%.

Media reports circulated overnight that the U.S. is holding off on giving permission to U.S. companies to use Huawei products.

President Donald Trump told reporters on Friday the U.S. will not do business with Huawei, adding that the U.S. is not ready to strike a trade deal with China.

Chip stocks fell on the news. Micron Technology and Skyworks Solutions both traded more than 3% lower while Advanced Micro Devices slipped 1.2%.

Prices for the benchmark 10-year U.S. Treasury fell once more, lifting yields to 1.72% from Thursday's 1.71%. Treasury prices and yields move in opposite directions

Oil prices gained $1.99 to $54.53 U.S. a barrel.

Gold prices picked up $1.80 to $1,511.30 U.S. an ounce.


Source: Livemoney (August 9, 2019 - 1:17 PM EDT)