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Close Update: Wall Street Flatlines After Trade Worries Erode Equity Gains

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Wall Street swung between gains and losses in Friday's session before ending little changed after reports that President Donald Trump wanted to go ahead with $200 billion in tariffs on China despite efforts toward trade talks between the countries, while the S&P 500's sectors ended mostly weaker.

A rise of about 0.1% for the information technology sector kept the Nasdaq Composite in check while the blue chips on the Dow Jones Industrial Average were almost evenly split between gainers and decliners. The Standard & Poor's 500 ended less than a full point higher, but still in the green to bring its stretch of gains to five days.

Markets started out strong, adding to Thursday's advances that saw the Dow hit the highest level since early February as investors digested consumer confidence hit the best level since March and industrial production data that rose for a third consecutive month.

Financials gained 0.6% as the yield on the benchmark 10-year Treasury note topped 3% for the first time since early August. Energy also added 0.6% as prices for West Texas Intermediate, the US benchmark rose 0.5%.

But a report from Bloomberg that Trump told his aides to proceed with tariffs on China even as Treasury Secretary Steven Mnuchin attempted to restart talks with the Asian nation took the shine off the markets. After a sharp reversal, the measures attempted to claw back the losses in late trading, but they failed to move back to their intraday highs.

On the week, the Dow was up 0.9%, the S&P 500 gained 1.2% and the Nasdaq advanced 1.4%

In Friday's session on the Dow, United Technologies ( UTX ) rose 1.7% in the best increase after chief executive Gregory Hayes reportedly said that he expects the merger with Rockwell Collins ( COL ) to close by the end of the month. Rockwell Collins was up 1.3%. Walt Disney ( DIS ) fell 1.3% in the sharpest decline after the Hollywood Reporter said the company educed its workforce in its consumer and interactive media segment.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was up 8.68 points (+0.03%)

S&P 500 was up 0.80 points (+0.03%)

Nasdaq Composite Index was down 3.67 points (-0.05%)

GLOBAL SENTIMENT

FTSE 100 was up 0.31%

Nikkei 225 was up 1.2%

Hang Seng Index was up 1.01%

Shanghai China Composite Index was down 0.18%

UPSIDE MOVERS

(+) CSBR (+24.17%) Reported better-than-expected Q1 results

(+) RLGT (+11.96%) Beat Q4 earnings and revenue estimates

(+) OI (+9.92%) Atlantic Investment Management urges sale of European business

(+) AMD (+7.35%) Argus raises price target to $40 from $23

(+) CPSH (+3.64%) Received $5 million in new orders

DOWNSIDE MOVERS:

(-) NI (-11.79%) Columbia Gas unit investigating after Massachusetts explosions

(-) IRIX (-13.68%) Priced 1.67 million share offering at $6 per share

(-) TNDM (-6.92%) Downgraded at Baird to neutral from outperform

(-) PGNX (-6.34%) Needham downgrades to buy from strong buy, cuts PT to $12 from $16

(-) VVV (-7.21%) JP Morgan downgrades to underweight from neutral, lowers PT to $20 from $22

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

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

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