American Enterprise Institute researcher Zack Cooper argues that China could have chosen to close another US consulate that does more business and more than just stamping a visa amid mounting tensions.
The US stock markets ended lower on Friday in what was a hectic week of trading.
Big-tech marked the pace of the sale with the Nasdaq falling 0.94 percent and recording its first consecutive loss since May.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| I: COMP | NASDAQ COMPOSITE INDEX | 10363.177069 | -98.24 | -0.94% |
| Me: DJI | DOW JONES AVERAGES | 26469.89 | -182.44 | -0.68% |
| SP500 | S&P 500 | 3,215.63 | -20.03 | -0.62% |
Meanwhile, the Dow Jones Industrial Average fell 182 points, or 0.68 percent, and the S&P 500 lost 0.62 percent.
During the last hour of trading, investors ignored President Trump’s executive orders aimed at reducing prescription drug prices. Large pharmaceutical stocks ended the session lower.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| PFE | PFIZER INC. | 37.66 | -0.75 | -1.95% |
| MRK | MERCK & CO. INC. | 77.10 | -0.96 | -1.23% |
| MY I | MYLAN NV | 15.96 | -0.12 | -0.75% |
| YOU GO | TEVA FARMACEUTICALS INDUSTRIES LTD. | 11.49 | -0.25 | -2.13% |
The move was overshadowed by mounting tensions between the United States and China following retaliation against the White House for the closure of its Houston consulate.
Beijing ordered the closure of the US consulate in Chengdu a day after Washington said the Chinese consulate in Houston was used as a spy center. China-based companies listed in the United States, including Alibaba and Baidu, declined.
On Wall Street, Goldman Sachs struck a $ 3.9 billion settlement with Malaysia over the 1MDB money laundering scandal in which the investment bank was accused of organizing bond sales that helped a former leader steal thousands of millions destined to accelerate the economic development of the country.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| GS | GOLDMAN SACHS GROUP INC. | 201.47 | -1.55 | -0.76% |
| AXP | AMERICAN EXPRESS COMPANY | 95.33 | -1.34 | -1.39% |
| INTC | INTEL CORPORATION | 50.59 | -9.81 | -16.24% |
| AMD | ADVANCED MICRO DEVICES INC. | 69.40 | +9.83 | + 16.50% |
As for earnings, Intel beat the results, but executives warned that the company’s next-generation chip would be delayed until late 2022 or early 2023 after saying it was expected in 2021. The shares of the rival chipmaker AMD benefited from the announcement.
American Express’s net income fell 85 percent as consumers spent less while managing the COVID-19 pandemic from home.
Oilfield service provider Schlumberger booked a $ 3.7 billion write-down, saying capital investment in 2020 would be reduced by 45 percent from a year earlier.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| SLB | SCHLUMBERGER LIMITED | 19.48 | +0.18 | + 0.93% |
West Texas Intermediate crude oil gained more than 1 percent during the week closing at $ 41.29 per barrel, while gold continued to shine, rising 4.9 percent during the week to a new record of $ 1,897.30.
US Treasuries have changed little, as the yield on the 10-year bond held close to 0.589 percent.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
In Europe, Germany’s DAX marked the decline, 2.02 percent, while France’s CAC and Britain’s FTSE declined 1.54 percent and 1.41 percent, respectively.
Asian markets finished lower across the board as China’s Shanghai Composite fell 3.86 percent, Hong Kong’s Hang Seng fell 2.21 percent and Japan’s Nikkei lost 0.58 percent.
