US stocks lose ground as new US-China tensions emerge

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US stocks ease back from record highs as investors get set for another row between the US and China, while stimulus talks drag on.

US stocks have fallen after President Joe Biden said China was poised to "eat our lunch", a warning that raised concerns for a market trading around record highs on hopes of more stimulus, strong earnings and an improving outlook for the pandemic.

In addition, the Congressional Budget Office said the US Government was looking at a $US2.3 trillion deficit this year, down around $US900 billion from last year, because of the record stimulus to combat the coronavirus pandemic.At 7:30am AEDT, the Dow Jones index was down 0.1 per cent to 31,403, the S&P 500 fell 0.7 per cent to 3,909, and the Nasdaq put on 0.2 per cent to 14,007.

Mr Moya said Mr Biden's first call since coming to office with Mr Xi "resurfaced all of the difficulties that we're going to face this year in addition to the pandemic". The technology sector and semiconductors hit record highs, while economy-linked energy and industrials stocks fell back. Wall Street's main indexes have hit record highs because of the latest round of coronavirus stimulus with the Biden Administration's $US1.9 trillion relief bill that aims to jump start the US economy, while a largely better-than-expected earnings season also has bolstered investor confidence.

 

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Meanwhile... Trump’s Chy-na legacy grows: he oversaw the 3 largest US trade deficits in history—China’s 2020 $US317B year surplus with the US was 7% higher than in 2019; and now.. ‘China overtakes US as top country for foreign investment’. MAG😫

Biden and Xi called each other on the Chinese New Year Eve Day. ABC fake news is trying to cover up the wrong side that Morrison government stands.

Love the max saturation photo. Was it taken on an iPhone?

another ABC beat-up, it is not 'tension', it is competition and what the US should have been focussing on all along. Instead of whining and trying to unsuccessfully nobble its competition, the US needs a revamp to make itself better than its rivals.

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