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Wall Street ends lower on trade fears

Credit: Reuters Studio
Published on August 2, 2019 - Duration: 01:11s

Wall Street ends lower on trade fears

Wall Street extended its sell-off Friday amid renewed trade fears, capping a week where the S&P 500 index and the Nasdaq saw their worst weekly percentage plunges since December.

Fred Katayama reports.

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Wall Street ends lower on trade fears

Rising trade tensions drove stocks on Wall Street down to one-month lows Friday.

The S&P 500 and Nasdaq fell for the fifth straight session, dragged down by tech stocks.

Both suffered their biggest one-week percentage losses of the year.

Phoenix Financial Services chief market analyst, Wayne Kaufman: SOUNDBITE: PHOENIX FINANCIAL SERVICES CHIEF MARKET ANALYST, WAYNE KAUFMAN (ENGLISH) SAYING: "I think it's all trade war reaction.

That's why tech is on the downside.

China, you know, you think of tech when you think of China." The growth in nonfarm payrolls slowed to 164,000 last month, and manufacturers slashed working hours.

That weak report, combined with the spike in trade tensions following the announcement of an additional U.S. tariff on Chinese goods, could give the Federal Reserve reason to cut interest rates again.

Trade-sensitive stocks like Caterpillar, fell.

So too did those of companies that get a big chunk of their revenue from China such as Apple and Nvidia.

Investors did buy bid up defensive sectors such as consumer staples and telecom.

Coca-Cola, Newell Brands and Verizon were among the S&P 500's top gainers.

Pinterest shares surged higher.

The online scrapbook company's quarterly revenue rose 62%, easily surpassing analysts' estimates.

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