S&P 500 dips as Trump comments fan trade fears; Dow flat


NEW YORK (Reuters) – The S&P 500 was down slightly while the Dow was flat in late Friday trading as renewed jitters over the U.S.-China trade war were offset by bargain-hunting investors.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 9, 2019. REUTERS/Brendan McDermid

President Donald Trump said the United States and China were pursuing trade talks but he was not ready to make a deal, fanning fears over the impact of the trade war on the global economy. Trump also said the United States would continue to refrain from doing business with Chinese telecoms equipment giant Huawei Technologies.

“The market action today and yesterday just shows investors feel indecisive about where this whole thing is headed,” said Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

“As volatility has picked up, you’ve gotten more interest on the part of traders,” he said. “There are definitely buyers when the market moves lower.”

Shares of chipmakers and other tariff-sensitive technology companies .SPLRCT fell, with the Philadelphia SE Semiconductor index .SOX down 1.3%.

The Dow Jones Industrial Average .DJI rose 16.82 points, or 0.06%, to 26,395.01, the S&P 500 .SPX lost 7.34 points, or 0.25%, to 2,930.75, and the Nasdaq Composite .IXIC dropped 47.33 points, or 0.59%, to 7,991.82.

Uber Technologies Inc (UBER.N) shed 6.3% after the ride-hailing company reported a record $5.2 billion quarterly loss and revenue that fell short of Wall Street targets.

DXC Technology (DXC.N) tumbled 31.3% after the IT and consulting services provider cut its full-year profit and revenue forecast.

Nektar Therapeutics (NKTR.O) shares plunged after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg.

Declining issues outnumbered advancing ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 1.84-to-1 ratio favored decliners.

The S&P 500 posted 44 new 52-week highs and nine new lows; the Nasdaq Composite recorded 55 new highs and 120 new lows.

Reporting by Caroline Valetkevitch in New York; Additional reporting by Medha Singh and Arjun Panchadar in Bengaluru; Editing by Arun Koyyur and Leslie Adler

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