Wall Street drops on trade uncertainty

Credit: Reuters Studio
Published on May 17, 2019 - Duration: 01:13s

Wall Street drops on trade uncertainty

Wall Street ended lower on Friday as trade tensions pulled industrial and tech shares down, and the Dow capped a fourth straight week of losses.

Fred Katayama reports.


Wall Street drops on trade uncertainty

Stocks on Wall Street fell in the last hour of trading in a choppy session Friday.

Investors unloaded stocks after CNBC reported the next round of U.S.-China trade talks was in flux.

The Dow fell for the fourth straight week, its longest weekly losing streak in three years.

Exencial Wealth Advisors chief investment officer, Tim Courtney: SOUNDBITE: EXENCIAL WEALTH ADVISORS CHIEF INVESTMENT OFFICER, TIM COURTNEY, (ENGLISH) SAYING: "Our feeling is these last couple days including today where we've been just kind of bouncing around a little bit higher, a little bit lower, the market's still grasping for information on this largest of the kind of the variables out there right now which is the trade war." The rising trade tensions pushed Deere to cut its full-year forecast.

That drove down shares of the farm equipment maker.

Trade fears also hurt shares of industrials Caterpillar and 3M.

American investors did have something to cheer about China.

Starbucks' challenger on the mainland, Luckin Coffee, sparkled on its debut on the Nasdaq.

Shares rose almost 20 percent.

Applied Materials was among the top gainers on the S&P 500.

The chip gear manufacturer assuaged investor concerns about slowing semiconductor demand by producing quarterly profit and revenue that beat Wall Street's forecasts.

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