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Bloomberg: EUFN
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A negative day for US markets and especially for the technology sector

Author:
Valentin Lazarov
Market News

Stocks closed lower on Friday after CNBC reported that trade talks between China and the U.S. have stalled.

The Dow Jones Industrial Average ended the day down 98.68 points at 25,764 while the S&P 500 fell 0.6% to 2,859.53. The Nasdaq Composite was down 1% at 7,816.28. It was also the fourth straight weekly drop for the Dow.

Sources told CNBC’s Kayla Tausche that scheduling discussions for further trade talks have been put on hold since the Trump administration has increased scrutiny of Chinese telecom companies. A U.S. delegation had been invited to Beijing earlier this week.

The report sent the Dow back into negative territory in the final hour of trading, erasing a gain of about 30 points. The S&P 500 and Nasdaq were further knocked down.

Oil prices slipped on Friday, but both benchmarks posted a weekly gain on rising concerns over further Middle East supply disruptions due to U.S.-Iran political tensions.

A deputy head of Iran’s elite Revolutionary Guards said on Friday Iran could “easily” hit U.S. warships in the Gulf, the latest in days of sabre-rattling between Washington and Tehran. Meanwhile Iran’s top diplomat worked to counter U.S. sanctions and salvage a nuclear deal denounced by President Donald Trump.

Gold prices on Friday slipped to their lowest in nearly two weeks as the dollar advanced on the back of robust U.S. economic data, putting the metal on track to post its biggest weekly decline in a month.

Spot gold fell 0.8% to $1,276.34 per ounce. The metal is down 0.7% for the week so far, which could be its biggest weekly decline since April.

U.S. gold futures settled $10.50 lower at $1,275.70.

Source:CNBC

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.