Blue-chip stocks closed lower Friday on signs that the US and China are struggling to come to terms on trade.
A series of discussions is scheduled next week in Beijing, but President Donald Trump will not meet with President Xi Jinping of China before a March 1 deadline.
The Dow Jones Industrial Average fell 63.27, or 0.3%, to 25,106.26. The Nasdaq erased its decline, ending the day up 0.1% to 7,298.20.
Electronic Arts Inc (NASDAQ:EA) was the best performer on the Nasdaq, climbing 16% to $97.60 as the videogame company said its Apex Legends game had reached 10 million players.
Henry Schein Inc (NASDAQ:HSIC) fell 5.3% to $59.15 after announcing the completion a spinoff of its animal health business. The Melville, New York, company said it plans to focus on dental and medical.
The S&P 500 Index also erased its drop, rising 0.1% to 2,707.88. The Russell 2000 Index of small-cap stocks closed up 0.1% to 1,506.39.
In Canada, Toronto’s S&P/TSX decreased 0.5% to close at 15,633.33 on global growth concern. Stocks fell even as Statistics Canada reported that the economy has added 327,000 jobs in the past year.
1:30 pm: Dow still deep in red as concerns about US-China trade talks linger
US stocks continued to trade lower on Friday afternoon for the third consecutive day as concerns mounted about the prospects for the US and China forging a trade pact.
A series of trade discussions is set to take place next week in Beijing, but President Donald Trump will not stage a reunion with Xi Jinping, China’s president, prior to the key deadline of March 1, which has been set as the last date to reach a truce, according to published reports.
At the time of writing, the Dow Jones Industrial Average had pared back its losses since the morning but was still down by 0.69%, or 178 points, at 24,994 while the S&P 500 fell 0.47% to 2,693.
Up in Canada, Toronto’s TSX lost 92 points to reach 15,611, despite the country’s strong jobs report which showed that total employment in Canada came in at around 18.8 million, notching an increase of 327,000 jobs compared to a year ago.
Small cap stocks were also faring poorly, with the Russell 2000 index shedding 0.35% to hit 1,500.29
10:00 am: US stocks lower amid global growth concerns, China-US trade worries
US stocks opened lower Friday as continued to worry about ongoing US-China trade negotiations as well as slowing economic growth in Europe and China.
The Nasdaq Composite underperformed, sliding 0.7 percent.
The S&P 500 dipped 0.7 percent as the energy and consumer discretionary sectors lagged.
Chipmakers and semiconductor equipment stocks including Applied Materials, Micron Technology, Nvidia, Advanced Micro Devices and Lam Research fell across the board following a gloomy analyst note from Goldman Sachs. "Our recent industry discussions suggest that memory fundamentals remain very soft, and prices continue to decline," Goldman analyst Mark Delaney wrote.
The Nasdaq Composite fell nearly 1% led by NXP Semiconductors, and Nvidia Corp.
Elsewhere, the Russell 2000 index of small-cap stocks was in the red hovering around 1,500.36.
7:15 am: Wall Street sell-off set to continue Friday as investor trade worries persist
US shares are poised to continue declines on Friday, after falls in Asia overnight on trade worries.
The Nikkei 225 in Japan crashed over 418 points while the Asia Dow shed nearly 22 as investors fear the US / China trade war may not be sorted out before a deadline of March 2 when a truce expires.
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The Dow Jones Industrial Average closed down over 220 points at 25,169. The tech-heavy Nasdaq lost nearly 87 at 7,288. The S&P 500 closed around 25 points lower at 2,706.
In futures trade Friday, the Dow Jones is down 126 points; the Nasdaq is down nearly 50, while the S&P 500 is down 14 points.
In Europe, stocks are mixed at the end of the week, with FTSE 100 just keeping in positive territory as the Brexit deal seems to show no signs of being sorted. Yesterday, the UK central bank kept interest rates on hold and cut its forecast for UK economic growth in 2019 to just 1.2%.
FTSE 100 is up around three points, while the German DAX is down around 14. The CAC 40 is up over four points at 4,990.
Dean Popplewell, market analyst at Forex firm Oanda, said: "Investor worries over economic growth and trade disputes have pushed global equities towards their first weekly loss in nearly two-months. Oil and metals are under pressure, while yen and sovereign bond prices have pushed a tad higher."
On the wider front, traders are awaiting the Canada jobs report, which will be released at 8:30 am (Eastern Time).