Trade Tensions Weigh on Markets
May 22,2020 11:59 am EST
Stocks dipped on Friday as tensions between China and the U.S. offset the increasing optimism around a potential coronavirus vaccine.
The Dow Jones Industrials lost another 119.96 points to move into noon EDT at 24,354.16.
The S&P 500 docked 7.32 points to 2,941.19.
The NASDAQ skidded 7.51 points to 9,277.38.
Monday, markets in the U.S. will be shuttered for Memorial Day.
The Dow was up more than 3% week to date and was headed for its biggest one-week gain since the week of April 9. The S&P 500 has gained just below 3% this week while the NASDAQ Composite is up 3% in that time.
Retailers such as TJX and Gap are among the best-performing stocks this week. TJX is up over 15% week to date while Gap advanced over 7%. Citgroup, JPMorgan Chase and Wells Fargo are also up more than 2% each this week.
Overnight, China released draft legislation over new national security measures on Hong Kong after last year''s burst of anti-government protests in the city.
That law is expected to increase Beijing''s hold over Hong Kong. China also opted against setting a Gross Domestic Product target for 2020 as the coronavirus batters the second-largest economy in the world.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.65% from Thursday''s 0.68%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.33 to $32.59 U.S. a barrel.
Gold prices picked up $10.70 to $1,732.60 U.S. an ounce.
Currencies