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US STOCKS-S&P 500 dips as Trump comments fan trade fears; Dow flat

Published 08/10/2019, 03:39 AM
Updated 08/10/2019, 03:40 AM
US STOCKS-S&P 500 dips as Trump comments fan trade fears; Dow flat
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(For a live blog on the U.S. stock market, click LIVE/ or
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* U.S. still talking to China but no deal for now -Trump
* Uber slides after reporting record loss
* Dow up 0.06%, S&P down 0.25%, Nasdaq down 0.59%

(Updates to late afternoon)
By Caroline Valetkevitch
NEW YORK, Aug 9 (Reuters) - The S&P 500 was down slightly
while the Dow was flat in late Friday trading as renewed jitters
over the U.S.-China trade war were offset by bargain-hunting
investors.
President Donald Trump said the United States 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 United States would continue to
refrain from doing business with Chinese telecoms equipment
giant Huawei Technologies HWT.UL . "The market action today and yesterday just shows investors
feel indecisive about where this whole thing is headed," said
Rick Meckler, partner, Cherry Lane Investments, a family
investment office in New Vernon, New Jersey.
"As volatility has picked up, you've gotten more interest on
the part of traders," he said. "There are definitely buyers when
the market moves lower."
Shares of chipmakers and other tariff-sensitive technology
companies .SPLRCT fell, with the Philadelphia SE Semiconductor
index .SOX down 1.3%.
The Dow Jones Industrial Average .DJI rose 16.82 points,
or 0.06%, to 26,395.01, the S&P 500 .SPX lost 7.34 points, or
0.25%, to 2,930.75, and the Nasdaq Composite .IXIC dropped
47.33 points, or 0.59%, to 7,991.82.
Uber Technologies Inc UBER.N shed 6.3% after the
ride-hailing company reported a record $5.2 billion quarterly
loss and revenue that fell short of Wall Street targets.
DXC Technology DXC.N tumbled 31.3% after the IT and
consulting services provider cut its full-year profit and
revenue forecast.
Nektar Therapeutics NKTR.O shares plunged after the drug
developer flagged manufacturing issues with its experimental
cancer drug bempeg.
Declining issues outnumbered advancing ones on the NYSE by a
1.85-to-1 ratio; on Nasdaq, a 1.84-to-1 ratio favored decliners.
The S&P 500 posted 44 new 52-week highs and nine new lows;
the Nasdaq Composite recorded 55 new highs and 120 new lows.


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