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Stocks opened slightly lower on Friday after China’s growth slipped to its lowest level in 26 years.
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Al three of the major averages were trading just below their respective flatlines.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26938.06 | -87.82 | -0.32% |
| SP500 | S&P 500 | 2991.02 | -6.93 | -0.23% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8112.12622 | -44.73 | -0.55% |
China’s gross domestic product grew at a 6 percent rate in the July-September quarter, missing the 6.1 percent estimate that economists surveyed by Refinitiv were expecting. The data was the weakest since China’s National Bureau of Statistics began keeping records 26 years ago.
It adds to pressures on global growth and ups the burden on Chinese leaders to avert politically dangerous job losses as they fight a tariff war with President Trump over Beijing’s trade surplus and technology ambitions.
On the earnings front, Coca-Cola was higher after reporting in-line earnings and better-than-expected revenue. The soft-drink giant said strong Coke Zero sales and smaller cans boosted its results. Elsewhere, American Express was lower despite beating on both the top and bottom lines.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KO | COCA-COLA COMPANY | 54.98 | +1.19 | +2.21% |
| AXP | AMERICAN EXPRESS COMPANY | 117.57 | -1.53 | -1.28% |
General Motors was ticking higher after United Auto Worker leaders decided Thursday to recommend ratification for the tentative agreement with the automaker.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS COMPANY | 36.26 | +0.07 | +0.18% |
Pacific Gas & Electric shares were gaining ground ahead of an emergency meeting with its primary regulator, the California Utilities Commission. PG&E is being asked to explain last week’s decision to shut off power for 2 million people.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PCG | PG & E CORP. | 7.83 | -0.01 | -0.06% |
In Europe, the major averages were flat to lower, with France’s CAC down 0.5 percent. Britain’s FTSE and Germany’s DAX were little changed.
In Asia, China’s Shanghai Composite finished down 1.3 percent on Friday and off 1.2 percent for the week. Hong Kong’s Hang Seng ended the day lower by 0.5 percent, but up 1.6 percent for the week. Japan’s Nikkei closed up 0.2 percent and 3.2 percent higher for the week.
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FOX Business’ Ken Martin and the Associated Press contributed to this article.
