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Close Update: Wall Street Slips Into Loss Territory as Trade Woes Overshadow Earnings Gains


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Wall Street ended the week with a whimper, sliding marginally into loss territory and giving back earlier gains as renewed trade-war jitters constrained sentiment that had started the day on the upswing amid strong earnings.

Selling pressure grew through the afternoon, with real estate, utilities and telecoms among the decliners on the S&P 500, while consumer staples and financials hung on for gains of 0.6% and 0.2%. A flat day for the tech sector held down the Nasdaq Composite, while the Dow ended with a second straight day of losses.

Positive earnings news initially supported the measures, with results from Microsoft ( MSFT ), Stanley Black & Decker ( SWK ), Cintas ( CTAS ) and Honeywell ( HON ) bolstering trading.

But more saber-ratting from President Donald Trump over China and trade weighed as the day rolled on. The leader told CNBC he could put duties on more than $500 billion worth of goods from the Asian nation, which would cover essentially everything China ships to the US. That came after China has seemingly attempted to devalue its currency in recent days as a retaliatory measure for an earlier salvo in the trade dispute.

And it wasn't all positive with the earnings headlines, either. General Electric ( GE ) skidded 4.5% as the conglomerate said Q2 earnings fell year-on-year, but topped Wall Street's views. Skechers (SKX) skidded 21% after the sneaker maker's results badly missed expectations.

Next week's calendar brings heavyweights Alphabet (GOOGL), Verizon (VZ) and Coca-Cola (KO). On the economic front, existing and new home sales will be released, as will the first take on Q2 gross domestic product.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was down 6.38 points (-0.03%)

S&P 500 was down 2.66 points (-0.09%)

Nasdaq Composite Index was down 5.10 points (-0.07%)

GLOBAL SENTIMENT

FTSE 100 was down 0.07%

Nikkei 225 was down 0.29%

Hang Seng Index was up 0.76%

Shanghai China Composite Index was up 2.04%

UPSIDE MOVERS

(+) TLRY (+32.96%) Extending IPO gains from Thursday

(+) SAEX (+19.41%) Received approval for purchasing certain assets from Geokinetics

(+) CLF (+12.56%) EPS surges 161%, sales jump

(+) SLS (+3.33%) Galinpepimut-S fast tracked for multiple myeloma

(+) GSK (+2.9%) Financial Times says co. mulling spin off of consumer division

DOWNSIDE MOVERS

(-) ZYNE (-24.09%) Announced public stock offering

(-) SKX (-20.99%) Missed Q2 EPS estimates, issued downbeat Q3 sales and EPS guidance

(-) FTD (-19.47%) Top executives leave amid restructuring, board considering a sale

(-) SAUC (-16.53%) Announced stock offering

(-) STT (-7.29%) Reports Q2 earnings, revenue well below Street views

(-) SCOR (-1.72%) Files for secondary sale of common stock

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Stocks
Referenced Symbols: MSFT , SWK , CTAS , HON , GE



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