Stocks slide as Trump signals more tariffs on China
U.S. stocks traded lower Friday after President Donald Trump said his administration will be ready to impose tariffs on another $267 billion in Chinese goods.
The Dow Jones Industrial Average dropped 79.33 points, or 0.31 percent, to 25,916.54. The S&P 500 was down 6.37 points, about 0.2 percent, at 2,871.68. The Nasdaq Composite fell 20.18 points, or 0.25 percent, to 7,902.54.
Market jitters surround the fact that the trade dispute between the U.S. and China could escalate as the White House was planning to place additional duties on Chinese goods. After initially posting a triple-digit loss, the Dow pared its losses after Canadian officials offered a positive view of trade talks with the U.S. The two nations are holding negotiations over the North American Free Trade Agreement (NAFTA). The U.S. recently agreed to a deal with Mexico.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 42221.88 | +427.28 | +1.02% |
| SP500 | S&P 500 | 5782.76 | +70.07 | +1.23% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18439.170746 | +259.19 | +1.43% |
The big economic news of the day was the August jobs report. The U.S. added 201,000 jobs during the month, surpassing expectations, while the unemployment rate was stable at July's 3.9 percent. Wages finally picked up, with the annual pace of wage growth rising to 2.9 percent from August’s 2.7 percent.
Analysts polled by Thomson Reuters expected 191,000 positions would be created in August, while they forecast the unemployment rate would dip to 3.8 percent from July’s 3.9 percent.
In company news, Tesla’s shares took a hit amid news of one confirmed, and one rumored, executive departure.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 251.44 | +8.60 | +3.54% |
Commodities were mostly lower.
FOX Business' Ken Martin contributed to this article.