The stock market opened lower on Friday, taking a hit from more bad economic data and rising trade tensions between the United States and China.John Nacion/NurPhoto via Getty ImagesThe Dow Jones industrial average fell 0.8%, around 200 points, at Friday’s open, while the S&P 500 lost 0.9% and the Nasdaq 1%.
U.S. monthly retail sales declined a record 16.4% in April—more than the 12.3% expected, as the coronavirus took a toll on consumer spending.filed for unemployment benefits—bringing the total number of coronavirus job losses over the last two months to 36 million. Stocks also fell on news of reescalating trade tensions with China: The Trump administration on FridayChina insider Hu Xiijin, editor-in-chief of China’s state-runvia Twitter on Friday, saying that if the U.S. takes further action to block Huawei, China could retaliate by activating iits “unreliable entity list.”
That would allow China to “restrict or investigate” U.S. companies like Apple, Qualcomm and Cisco, as well as suspend purchases of Boeing airplanes.The stock market is heading for its biggest weekly decline since late March. As of Friday morning, the Dow and S&P 500 were both down more than 2% for the week.
Bespoke Investment Group points out: “While the data is horrible, it shouldn’t be a surprise. When you shut down the economy, activity comes to a halt.”
skleb1234 What Trade? There is Global Pandemic in place right now. Which companies are still trading in this environment. I would've thought that all hands on deck to lessen the spread not business as usual. Suspend the Stock Markets, you are empowering businesses to do BUSINESS PANDEMIC
skleb1234 And Crypto's keep going up!
skleb1234 I doubt anyone is surprised by the trade tension.
skleb1234 Don't worry, Israel will be just peachy
skleb1234 Plenty more turbulence to come.
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