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 February 8, 2019 - 10:19 AM EST
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Stocks Swoon on Trade, Growth Fears

Stocks Swoon on Trade, Growth Fears

Stocks fell on Friday as market participants continued to worry about ongoing U.S.-China trade negotiations as well as slowing economic growth.

The Dow Jones Industrial Average slumped 170.37 points to 24,999.16, led lower by shares of Intel and Chevron.

The S&P 500 lost 15.55 points to 2,690.50, as the energy and consumer discretionary sectors lagged.

The NASDAQ Composite slouched 40.45 points to 7,247.90.

Earnings for the first quarter of 2019 are expected to contract by more than 1%. If earnings do fall, it will be the first profit contraction for the S&P 500 since the second quarter of 2016, when they fell 2.5%.

Qorvo shares dropped more than 9% while Micron Technology lost 2.6%. Nvidia, meanwhile, declined more than 1.5%.

The Wall Street Journal reported on Friday that the two countries have not yet put together a draft on the matters they agree or disagree. The report comes as a key early March deadline approaches.

It also follows President Donald Trump saying on Thursday he will not meet with Chinese President Xi Jinping before that deadline. White House economic advisor Larry Kudlow also said there is a "pretty sizable distance to go" before China and the U.S. reach a deal.

Prices for the benchmark 10-year U.S. Treasury gained, lowering yields to 2.64% from Thursday's 2.66%. Treasury prices and yields move in opposite directions.

Oil prices docked eight cents to $52.56 U.S. a barrel.

Gold prices gained four dollars to $1,318.20 U.S. an ounce.


Source: Livemoney (February 8, 2019 - 10:19 AM EST)