Economy

Wall Street opens lower on US-China trade tensions

The Dow Jones Industrial Average declined 174 points, or 0.72%, to 23,925, the S&P 500 lost 19 points, or 0.72%, to 2,636 and the Nasdaq Composite dropped 30 points, or 0.42%, to 7,101.

At 7:31 a.m. ET, Dow e-minis 1YMc1 were up 5 points, or 0.02 percent. Four of the index's 10 main groups ended higher.

The focus now shifts to trade issues between US and China as a Trump administration delegation, including Treasury Secretary Steven Mnuchin, visits Beijing for negotiations.

Wall Street relinquished modest gains from Federal Reserve's rate decision on Wednesday amid mounting concerns about worsening trade relations between the USA and China.

A breakthrough trade deal with China is highly unlikely, though a package of short-term Chinese measures could delay a tariff decision.

US economic data provided a more upbeat outlook.

Still, some investors expressed concern that economic growth has moderated and that future interest-rate increases by the Federal Reserve could slow growth. The Fed acknowledged rising prices and said it now expects inflation to "run near" its 2% target "over the medium term".

Apple Inc rose 5.0 percent after it late Tuesday posted resilient iPhone sales in the face of waning global demand and promised $100 billion in additional stock buybacks.

In company news, Snap Inc shares plunged 21.9% after the Snapchat owner fell short of Wall Street forecasts for revenue and regular users.

Shares of Spotify Technology SA dropped 5.7 percent after the music-streaming company's results, in line with analyst estimates, underwhelmed investors.

Mastercard Inc rose 3.4 percent after it reported a better-than-expected quarterly profit, boosted by higher consumer spending on credit and debit cards.

Declining issues outnumbered advancing ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.15-to-1 ratio favored advancers.

The S&P 500 posted 13 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 76 new highs and 40 new lows.

Volume on USA exchanges was 7.56 billion shares, compared to the 6.61 billion average over the last 20 trading days.



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