US stocks have fallen following renewed jitters over the US-China trade war, capping a week of trading that saw big swings and high volume. President Donald Trump said on Friday the US and China were pursuing trade talks but he was not ready to make a deal, fanning fears over the impact of the trade war on the global economy. Trump also said the US would continue to refrain from doing business with Chinese telecoms equipment giant Huawei Technologies.
The week was marked by wild swings, but indexes finished nearly flat on the week. This week’s volume on US exchanges was also the biggest weekly total of the year, exceeding 41 billion shares. On Friday, all three indexes were down more than 1 per cent in early trading and rebounded later in the session, with the Dow briefly turning positive at one point. This left a 315-point swing between the blue-chip index’s high and low of the day. Shares of chipmakers and other tariff-sensitive technology companies fell, with the Philadelphia SE Semiconductor index down 1.8 per cent.
The Dow Jones Industrial Average on Friday fell 90.75 points, or 0.34 per cent, to 26,287.44; the S&P 500 lost 19.44 points, or 0.66 per cent, to 2,918.65; and the Nasdaq Composite dropped 80.02 points, or 1 per cent, to 7,959.14.Morning-Market-Note-Monday-12th-August