REFILE-US STOCKS-Wall Street seesaws amid heightened trade tensions
(Corrects syntax in paragraph 1)
* Pinterest plummets after 2019 forecast disappoints
* Trade war will only make us stronger - Chinese media
* Luckin Coffee surges in market debut
* Indexes down: Dow up 0.05%, S&P off 0.10%, Nasdaq drops 0.41%
By Amy Caren Daniel and Sruthi Shankar
May 17 (Reuters) - The S&P 500 was trading flat but was off session lows on Friday as investors tracked trade headlines after China took a hard stance on its tariff war with the United States.
After falling as much as 0.76% earlier in the session, the S&P 500 erased some losses, with traders pointing to media reports that the United States was close to a deal to remove tariffs on steel and aluminum imports from Canada and Mexico. all eyes were on the worsening rift in U.S.-China trade talks, which has taken a toll on global financial markets.
The ruling Communist Party's People's Daily wrote the trade war will only make China stronger and will never bring the country to its knees. the trend, people want to be optimistic and both sides still want to get a deal and eventually might even get it down, but the reality is that it is much more complicated than they anticipated," said Craig Birk, chief investment officer at Personal Capital.
Beijing's higher tariffs on $60 billion worth of U.S. products will take effect on June 1, which could prompt Washington to go ahead with tariffs on a further $300 billion worth of Chinese goods. two sides are expected to meet in China to resume talks soon.
The S&P 500 has gained in the past three days after a huge sell-off on Monday, as some upbeat earnings reports and positive economic data allayed worries about the U.S. economy taking a hit from the trade war.
However, uncertainty around trade led farm equipment maker Deere & Co DE.N to cut its full-year forecast, sending its shares down 5.4%.
The drop in shares of Deere as well as Caterpillar Inc (NYSE: CAT ) CAT.N and 3M (NYSE: MMM ) Co MMM.N pressured the tariff-sensitive industrial sector .SPLRCI , which was trading 0.3% lower.
Technology companies, including Apple Inc AAPL.O and chipmakers, which rely on China for a large portion of their revenue were also hit by trade fears.
Tech stocks .SPLRCT fell 0.3%, with Apple down 0.5% after Nomura Instinet cut its price target on the stock, citing headwinds from the tariff war.
Applied Materials Inc AMAT.O gained 4.7% after the chip gear maker's upbeat third-quarter profit eased concerns about waning chip demand. 11:52 a.m. ET the Dow Jones Industrial Average .DJI was up 12.61 points, or 0.05%, at 25,875.29, the S&P 500 .SPX was down 2.93 points, or 0.10%, at 2,873.39 and the Nasdaq Composite .IXIC was down 32.55 points, or 0.41%, at 7,865.50.
Under Armour Inc (NYSE: UAA ) UAA.N rose 6.6% after JP Morgan upgraded the sports wear maker to "overweight" from "neutral".
Online scrapbook company Pinterest Inc PINS.N slumped 12.0% after the recent Wall Street debutant forecast 2019 revenue broadly in line with Wall Street targets. Coffee Inc's shares LK.O , the Chinese challenger to Starbucks Corp SBUX.O , surged 35.8% in their market debut. issues outnumbered advancers for a 1.97-to-1 ratio on the NYSE and a 1.93-to-1 ratio on the Nasdaq.
The S&P index recorded 25 new 52-week highs and five new lows, while the Nasdaq recorded 48 new highs and 76 new lows.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or