U.S. stocks fell Friday after President Trump sharply increased tariffs on Chinese goods and Beijing vowed retaliation.
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Trump hiked tariffs on $200 billion worth of Chinese exports to 25 percent from 10 percent, as trade negotiations resume.
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Shortly after Trump acted, Beijing said it would have to implement “necessary countermeasures.”
Meanwhile, Wall Street eyed the initial public offering (IPO) of ride-hailing company Uber. Uber is the largest IPO this year, raising $8.1 billion, far ahead of smaller rival Lyft’s $2.34 billion.
Lyft is the worst performer in the group: As of Thursday’s close, the shares were down 23.36 percent from their $72 offering price, and down almost 30 percent from the close on the first day of trading.
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The Dow Jones Industrial Average was down 0.56 percent, the S&P 500 fell 0.62 percent and the Nasdaq Composite retreated 0.67 percent.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25638.25 | -190.11 | -0.74% |
| SP500 | S&P 500 | 2854.89 | -15.83 | -0.55% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7862.279155 | -48.31 | -0.61% |
Quarterly earnings season is nearly finished with almost 90 percent of S&P 500 components reporting. About three-quarters of the corporations have beaten earnings estimates. Earnings from January through March are up 1.6 percent from a year ago, trouncing forecasts for a 2.3 percent decline.
China’s Shanghai Composite closed up 3.1 percent, the Hang Seng was higher by 0.84 percent and Japan’s Nikkei 225 slipped 0.27 percent.
Britain’s FTSE 100 was 0.24 higher, France’s CAC 40 added 0.32 percent and Germany’s DAX increased 0.53 percent.
