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BUSINESS Saturday 21 July 2018
A25

Stocks waver, dollar slips as traders shrug off trade talk

By MARLEY JAY
Associated Press
NEW YORK (AP) — U.S.
stocks are little changed
Friday as traders shrug off
the latest trade threats from
President Donald Trump
and focus on company
earnings reports, which
contained some better-
than-expected results from
big names including Micro-
soft. Bond yields are rising
and the dollar is falling.
KEEPING SCORE: The S&P
500 index fell 1 point, or
0.1 percent, to 2,802 as of
3:20 p.m. Eastern time. The
Dow Jones Industrial Aver-
age lost 3 points to 25,061.
The Nasdaq composite fell
1 point to 7,824. The Rus-
sell 2000 index of smaller-
company stocks dipped
2 points, or 0.1 percent, to
1,699.
Stocks have wobbled this
week as investors reacted
to solid company results as
well as heightened trade
tensions. The S&P 500 is up
less than 0.1 percent for
the week, while the Russell,
which is made up of more
domestically-oriented
companies that could hold
up better in a prolonged
trade dispute, is up 0.7 per-
cent. In this Oct. 24, 2017, file photo, people pass the New York Stock Exchange.
EARNINGS: Microsoft con- Associated Press
tinued to set records af-
ter its fiscal fourth-quarter Shoe maker Skechers dropped to 111.52 yen from disputes involving the U.S. the U.S.
results topped Wall Street plunged after its estimates 112.46 yen. The euro rose to could slow down the glob- OIL: Benchmark U.S. crude
forecasts and its cloud for the third quarter fell far $1.1726 from $1.1644. al economy. added 1.4 percent to
computing division contin- short of analyst expecta- MORE TARIFF TALK: In a The U.S. government put $70.46 a barrel in New
ued to grow. The company tions. The company said taped interview with the tariffs on imported steel, York and Brent crude,
said it's being helped by its U.S. wholesale business business channel CNBC, aluminum, washing ma- used to price international
its rivalry with Amazon, be- and international distribu- Trump said "I'm willing to go chines and solar panels this oils, gained 0.7 percent to
cause some retailers are tor business both saw their to 500," referring roughly to year and is considering tax- $73.07 a barrel in London.
reluctant to team up with sales drop in the last quar- the $505.5 billion in goods ing auto imports. Represen- Wholesale gasoline rose 1.2
Amazon on cloud com- ter. The stock sank 21 per- the U.S. imported last year tatives of the auto industry percent to $2.07 a gallon.
puting services while they cent to $26.29. from China. Earlier this asked Congress to oppose Heating oil edged up 0.7
compete with Amazon in BONDS: Bond prices fell. month the U.S. placed im- that move on Thursday. percent to $2.10 a gallon.
sales. The stock climbed 1.8 The yield on the 10-year port taxes on $34 billion in YUAN DECLINES: The Peo- Natural gas lost 0.4 percent
percent to $106.31. Treasury note rose to 2.89 goods imported from Chi- ple's Bank of China weak- to $2.76 per 1,000 cubic
General Electric lost 4.4 percent from 2.85 per- na and Beijing responded ened the country's cur- feet.
percent to $13.13 after it cent. That helped banks in kind. The Trump adminis- rency against the dollar on METALS: Gold rose 0.6 per-
said its power business con- because bond yields are tration is considering tariffs Friday. If the yuan contin- cent to $1,231.10 an ounce.
tinued to struggle as reve- used to set interest rates on on another $200 billion in ues to depreciate, goods Silver gained 1 percent
nue and orders decreased. many kinds of loans includ- goods. exported to China will be- to $15.55 an ounce. Cop-
GE, which has been selling ing mortgages. JPMorgan The dispute between the come more expensive to per jumped 2.2 percent to
and splitting off businesses, Chase gained 1.1 percent world's two largest econo- consumers there. $2.76 a pound.
also cut its forecast for how to $111.11 and Bank of mies stems from accu- Chinese exports would also OVERSEAS: Germany's DAX
much cash its businesses America picked up 1.4 per- sations that China steals be relatively cheaper, pos- lost 1 percent and France's
will generate. cent to $30.07. technology from U.S. com- sibly balancing out sug- CAC 40 slid 0.3 percent.
Elsewhere, industrial con- High-dividend stocks like panies or forces them to gested increases in tariffs Britain's FTSE 100 gave up
glomerate Honeywell rose real estate investment hand over technology to by the Trump Administra- 0.1 percent. South Korea's
3.7 percent to $153.01 af- trusts and utilities fell as in- Chinese companies as well tion. The yuan has been Kospi added 0.3 percent
ter it raised its forecast for vestors shifted their money as differences over the U.S. skidding since February, and Hong Kong's Hang
the year. Uniform supplier out of those stocks and into trade deficit with China. In- mostly because of slower Seng gained 0.8 percent.
Cintas gained 5 percent to bonds. vestors have worried that economic growth in China Japan's Nikkei 225 fell 0.3
$203.30. CURRENCIES: The dollar the trade war and other and rising interest rates in percent.q