Wall Street opens flat on simmering US-China tensions

22 Mai, 2020, 17:50 | Auteur: Auguste Feret

Australian share markets have softened upon opening of trade on Friday, amid growing US-China trade tensions.

US President Donald Trump said Washington would respond strongly should Beijing impose national security laws for Hong Kong, with a Chinese official saying in turn that it was ready to escalate the dispute.

"It seems like China is going to be used as a punching bag for the upcoming elections", said Bob Shea, chief executive officer and co-chief investment officer at TrimTabs Asset Management in NY. "You don't score any points for that".

SPDR S&P 500 ETFs were down 0.56%. Nearly half of S&P 500 stocks are down 20 per cent or more since Feb 19, underscoring how uneven the recovery has been.

At 06:25 a.m. EDT, Dow e-minis were down 152 points, or 0.62%, S&P 500 e-minis were down 19 points, or 0.64%, and Nasdaq 100 e-minis were down 55.75 points, or 0.59%. The Nasdaq Composite dropped 0.64%, at 9,315.78.

The S&P 500 index closed up 1.67% at 2,971.61 on Wednesday.

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Best Buy Co Inc fell 4.2% as the electronics retailer reported a 5.3% drop in quarterly same-store sales due to the virus, while L Brands Inc surged 16.7% despite posting worse-than-expected quarterly results.

Discount chain TJX jumped 6.4% to a more than two-month high after it flagged strong sales at its stores that had reopened after lockdowns.

Volume on U.S. exchanges was 10.1 billion shares, compared to the 11.3 billion average for the last 20 trading days.

Advancing issues outnumbered decliners by a 1.12-to-1 ratio on the NYSE.

The S&P 500 posted five new 52-week highs and no new lows; the Nasdaq Composite recorded 53 new highs and nine new lows.

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