Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average ended down Friday following a report U.S. trade talks with China are at an impasse.
- Apple (AAPL) - Get Report dipped slightly after analysts at Nomura lowered their already below-market-price target on concerns stemming from trade tensions between the world's two largest economies.
- Nvidia (NVDA) - Get Report fell after the chipmaker topped analysts' first-quarter earnings forecasts, but backed away from full-year revenue guidance.
Wall Street Overview
Stocks ended a rocky day on a sour note Friday following a report that the trade talks between the U.S. and China had stalled.
The talk break down is a result of the two sides not being able to agree on what to negotiate, leading to uncertainty about when the next round of negotiations will take place, CNBC reported.
The Dow Jones Industrial Average fell 99 points, or 0.38%, to 25,764, the S&P 500 dipped 0.58%, and the Nasdaq slipped 1.04%.
Stocks had rallied earlier in the day after the University of Michigan's consumer sentiment index soared to a 15-year high. The reading of 102.4 surpassed analysts' expectations of 97.1.
In addition, the United States reached a deal to lift steel and aluminum tariffs on Canada and Mexico, removing a key obstacle to passing updates to the North American Free Trade Agreement. In return Canada and Mexico will eliminate their retaliatory tariffs.
Stocks started the day off in negative territory after China had said America must show sincerity if it is to hold meaningful trade talks. China was responding to President Donald Trump's banning of China's Huawei Technologies from dealing with U.S. companies.
Trump, meanwhile, officially delayed applying tariffs on cars made in Europe and China and the White House said that U.S. Trade Representative Robert Lighthizer would pursue further talks with officials in Brussels and Tokyo and report back to the president within three months.
Jim Cramer said that Trump is "trying to coax the Germans and the Japanese to be tough on China right now with him or face 25% tariffs on their exported vehicles if they don't. "
"It's why today we learned that the tariffs on steel and aluminum are being lifted on Canada and Mexico," Cramer wrote in a post on Real Money Pro. "He wants more manufacturing to be brought from China to those two countries. ABC - Anywhere But China."