Stocks extend losses on renewed China trade jitters
Stocks fell Friday, giving back their initial gains, after President Donald Trump's top economic adviser told CNBC there is no trade plan in the works for China, throwing cold water on an earlier report that had lifted the market.
Sharp losses in Apple added to the decline and overshadowed better-than-expected employment data and renewed optimism on trade.
The Dow traded 215 points lower, erasing a 198-point gain. The S&P 500 fell 1 percent as Apple's 7 percent decline dragged down other major tech names like Facebook and Alphabet. The tech-heavy Nasdaq dropped 1.3 percent.
Equities extended losses in early afternoon trading after White House economic adviser Larry Kudlow reinforced earlier reports that President Trump did not direct the Cabinet to draft a trade deal with China.
"There's no massive movement to deal with China," Kudlow told CNBC's "Halftime Report. " "We have already put out asks to China with respect to trade."
"We're doing a normal, routine run-through of things that we've already put together and normal preparation," he said. "We're not on the cusp of a deal."
https://www.msn.com/en-us/money/markets/stocks-extend-losses-on-renewed-china-trade-jitters/ar-BBPfjQo
So much for the art of the deal.
= new reply since forum marked as read
