US stocks end mixed after Trump China comments
US stocks end mixed after Trump China comments
Traders work on the floor of the New York Stock Exchange. Photo: AFP
Wall Street stocks saw a mixed end to the day on Friday, as trade tensions between the United States and China heated up with President Donald Trump accusing Beijing of violating a tariff de-escalation deal.
The Dow Jones Industrial Average edged up 0.1 percent to 42,270.07, but the broad-based S&P 500 Index was flat at 5,911.69.
The tech-focused Nasdaq Composite Index slipped 0.3 percent to 19,113.77.
"If it weren't for the trade war, the market would be feeling pretty good," said Tom Cahill of Ventura Wealth Management.
"Inflation is definitely moving in the right direction," he added, referencing an inflation gauge that cooled more than expected last month.
The Federal Reserve's preferred inflation measure -- the personal consumption expenditures price index -- rose 2.1 percent from a year ago, down from the figure in March.
But investors remained nervous as Trump took aim at China early on Friday, writing on his Truth Social platform that Beijing "totally violated its agreement with us."
Washington and Beijing had agreed to mutually lower tariffs on each other's imports this month, bringing levels down from triple digits for 90 days.
Trump's remarks, however, reignited fears that the president could return to a more confrontational approach towards the world's second biggest economy.
Jose Torres, senior economist at Interactive Brokers, said in a note: "Wall Street is worried that this Friday morning's remarks are just a warmup of what's to come."
Liu Pengyu, a spokesperson for China's embassy in Washington, said China has maintained communications on trade matters with US counterparts since the Geneva talks, but raised concerns about US export controls.
"Recently, China has repeatedly raised concerns with the US regarding its abuse of export control measures in the semiconductor sector and other related practices," Liu said in a statement. "China once again urges the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva." (AFP, Reuters)
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