US stocks erase gains, close negative after Trump announces Friday press conference on China | Markets Insider

US stocks erased earlier gains and closed negative on Thursday after President Donald Trump announced he will hold a press conference on Friday regarding China.

The early-day gains came as investors cheered positive trends emerging in Thursday's jobless claims report., fueling optimism that the worst of the coronavirus economic fallout has passed. China's approval of controversial national security laws in Hong Kong also raised concerns of a new conflict between the country and the US.US stocks erased gains and turned negative in the final hours of trading on Thursday after President Donald Trump said he will hold a press conference on Friday regarding China.

Investors have been weighing China's approval of controversial new national security laws in Hong Kong. The move follows Trump threatening retaliation and the US attempting to hold a United Nations Security Council meeting on the legislation. The White House also announced Wednesday it would no longer recognize Hong Kong's political autonomy from China, ratcheting up tensions across the three economic powers.

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