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Stocks – S&P Falls on Trade Jitters, Tech Weakness

Stock MarketsSep 20, 2019 05:19PM ET
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Investing.com - Stocks fell back Friday as Wall Street worried that U.S.-China trade talks had hit a snag.

The pullback pushed the major indexes into a small weekly loss, the first after three weeks of gains.

The S&P 500 was off 0.5% and ended below 3,000, a level that may be emerging as a pivot point for the market going forward.

The Dow Jones Industrial Average was off 0.6%, or nearly 160 points and close to its low on the day. The Nasdaq Composite dropped 0.8%, and the Nasdaq 100 index was off nearly 1%.

Amazon.com (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and Netflix (NASDAQ:NFLX) combined to contribute 42 points to the Nasdaq 100's decline.

In addition, the market was seeing volatility from a quadruple witching hour: a rare simultaneous settlement of futures and options of single stocks and stock indexes.

The trade jitters were the big reason for the market's fall and started on a reports that a Chinese agricultural delegation decided not to visit farms in Nebraska and Montana and, instead, headed home. The worry was that cancellations were a signal the trade talks between the U.S. and China weren't going well.

President Donald Trump said during the day that it would take more than agriculture purchases to settle the trade dispute, but there was no official explanation for the departures.

The jitters hit tech stocks hard.

Chip stocks were also lower, including Xilinx (NASDAQ:XLNX), Nvidia (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO) and Qualcomm (NASDAQ:QCOM). Intel (NASDAQ:INTC) was the weakest of the Dow stocks.

In addition, shares of streaming company Roku (NASDAQ:ROKU) fell 19% after an analyst issued a sell rating and price target of $60 on the stock.

Health care stocks were higher after Senate Majority Leader Mitch McConnell pronounced a drug-pricing proposal from House Speaker Nancy Pelosi dead on arrival.

Merck (NYSE:MRK) was the top Dow stock on the day. Johnson & Johnson (NYSE:JNJ) was third.

Interest rates moved lower even as two Federal Reserve officials argued over whether interest rates should be cut more. Boston Fed President Eric Rosengren is worried about inflating hard assets like real estate. James Bullard of the St. Louis Fed is more worried about economic slowdown. The 10-Year Treasury yield fell to 1.722% from Thursday's 1.774%.

Crude oil had been higher for much of the day, but fell back at the close, although it ended the week up more than 6%. Gold futures and the dollar moved higher.

Stocks – S&P Falls on Trade Jitters, Tech Weakness
 

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Chris Sundo
Chris Sundo Sep 21, 2019 4:10PM ET
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IMHO $INDU (DJI)`s April 2019 peak should be support for this pull-back now, if and only if we`re up4an upside breakout. It`s about the place where its 20dma could be topping ... What do you think?
PMSF Small
PMSF Small Sep 21, 2019 8:54AM ET
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Do not fear, my friends. Short termnoain for long term gain
John Worsley
John Worsley Sep 21, 2019 8:33AM ET
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Real war is what is brewing
Chris Sundo
Chris Sundo Sep 21, 2019 2:20AM ET
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China trade HOPE-BOOM and HOPE-BUST is now the perfect long-term moneymaker for Wall Street. ==== Remember how many years the same went on with the Greece debt saga?
Emmy Cool
Emmy Cool Sep 21, 2019 12:17AM ET
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https://clk.ink/tXWkKI Click
Deadly Nokels
Deadly Nokels Sep 21, 2019 12:05AM ET
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China said they had "constructive" discussions on trade in Washington...as usual it will bounce again..lol
chris cp
chris cp Sep 20, 2019 9:22PM ET
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Chinese agricultural delegation headed back home instead of visiting the farms in Nebraska and Montana could be a good sign as the Chinese delegation wanted to report to President Xi soon, so to issue agriculture purchase orders to the farmers before the beginning Oct's golden week holidays in China.
chris cp
chris cp Sep 20, 2019 9:22PM ET
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I do not understand why the stock market on Friday took this so negatively.  Unless someone has the evidence to show that this trade talk was a poor beginning prior to the higher level talk in Oct.
chris cp
chris cp Sep 20, 2019 9:22PM ET
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Just an hour ago, the Chinese official media claimed the trade talk in Washington was a constructive one. Seldom the Chinese would make official announcements for the US-China trade talks, especially if it is positive.
Bade Sahib
Bade Sahib Sep 20, 2019 9:22PM ET
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Chinese wanted to be home with their families . They are not like americans
Michael Angelo
Michael Angelo Sep 20, 2019 7:13PM ET
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Why everybody talks about manipulation when Anyone who trade knows that it is the way its works, or really, don't like it when it's against your forecast?
Nick Burns
Nick Burns Sep 20, 2019 6:40PM ET
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you can see market direction in charts ... I like to say the charts show the picture of the markets but the news is the explaination .... news is the ultimate lagging indicator
taylor fucci
taylor fucci Sep 20, 2019 6:40PM ET
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as they say, "buy on the rumor and sell on the news".
Guorong Ou
Guorong Ou Sep 20, 2019 5:24PM ET
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I saw a lot of time when market slumps with no sense. It's just manipulation when the wall steet wants to make money.
faisal abedin
faisal abedin Sep 20, 2019 5:13PM ET
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anyone tell about ripple 24 hours
ANTONIO ACUNA TORRE
ANTONIO ACUNA TORRE Sep 20, 2019 5:01PM ET
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when did these ridoculous excuses about trade war will last til ?.SP500 reached its top one month and a half ago so now it's time for bears to make money..they all are waiting at the level, 3023, therefore everytime the index reach that level bad news will turn up " by chance" for the indexes to fall..It has been always like that and will alway be,that is, manipulation
Sorin Silvestru
Sorin Silvestru Sep 20, 2019 4:54PM ET
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The equity market is moved only by trade talks and FED. What does that mean?When fundamentals don’t matter anymore, we are in a bubble wsiting to pop. I just wonder how many of Trump’s friends open positions before his tweets.
Carlos Duffoo
Carlos Duffoo Sep 20, 2019 4:43PM ET
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Has nothing to do with trade..Its all market manipulation
Jenia Golbstein
Jenia Golbstein Sep 20, 2019 4:15PM ET
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but 5 hrs ago sp rised on trade hopes
TA XVCI
TA XVCI Sep 20, 2019 4:15PM ET
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Been on hopium for a while now.
 
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