Stocks seesaw amid US-China trade uncertainty
Peter Navarro: Trump has ‘forever changed’ the narrative about China
‘There is no agreement at this time to remove any of the existing tariffs as a condition of the phase one deal and the only person who can make that decision is President Donald J. Trump and it’s as simple as that,’ White House Trade Adviser Peter Navarro said.
Stocks fell across the board on Friday as traders digest the uncertainty surrounding the details of a potential trade deal between the U.S. and China.
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President Trump, speaking from the White House, said the Chinese want him to roll back tariffs and that they want to make a deal more than the U.S.
|I:DJI||DOW JONES AVERAGES||27627.13||-47.67||-0.17%|
|I:COMP||NASDAQ COMPOSITE INDEX||8420.235715||-14.28||-0.17%|
Despite the downside Friday, all three of the major averages closed at record highs on Thursday.
Despite reports, early Thursday that China and the United States have agreed to roll back tariffs on each others’ goods as part of the first phase of a trade deal, White House trade adviser Peter Navarro told FOX Business' Lou Dobbs that if President Trump didn't say it, don't believe it.
"There is no agreement at this time to remove any of the existing tariffs as a condition of the phase one deal," Navarro said during an interview on "Lou Dobbs Tonight" "and the only person who can make that decision is President Donald J. Trump and it's as simple as that."
On Friday morning, Navarro told NPR that the U.S. may be willing to postpone the tariffs that are scheduled to hit $156 billion of Chinese goods.
All of that comes after Chinese Ministry of Finance spokesperson Gao Feng said on Thursday that the U.S. and China agreed to "remove the additional tariffs imposed in phases as progress is made on the agreement."
FOX Business confirmed that U.S. negotiators were pursuing that goal.
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On the earnings front, Disney shares were higher after the company reported better-than-expected top and bottom-line results. The entertainment giant is set to launch its Disney+ streaming service on Nov. 12. Roku has been selected as the streaming provider.
Zillow was sharply higher after saying its home-flipping business will generate up to $1.25 billion this year.
Madison Square Garden shares are in focus after the company said it will give up its entire equity stakes in both the New York Knicks and New York Rangers when it spins off into a separate company next year. The company reported a wider-than-expected loss and a surprise drop in revenue.
|DIS||WALT DISNEY COMPANY||138.44||+5.48||+4.12%|
|Z||ZILLOW GROUP INC||37.27||+3.83||+11.45%|
|MSG||THE MADISON SQUARE GARDEN COMPANY||283.89||+4.34||+1.55%|
Elsewhere, Gap was lower after the company announced CEO Art Peck will depart after a "brief transition period." He will be replaced by board Chairman Robert Fisher on an interim basis. The clothing retailer cut its earnings outlook for the fiscal year.
Alibaba shares were little changed after the Chinese tech giant said it would launch a Hong Kong initial public offering later this month in an effort to raise up to $15 billion.
|BABA||ALIBABA GROUP HOLDING LTD||185.48||-1.18||-0.63%|
Looking at commodities, gold was down 0.3 percent near $1,462 an ounce and West Texas Intermediate crude oil was lower by 1.8 percent at $56.15 a barrel.
Treasurys were little changed with the yield on the 10-year note at 1.936 percent.
In Europe, London's FTSE was down 0.47 percent to pace the decline.
In Asia, the Shanghai Composite lost 0.5 percent while Hong Kong's Hang Seng tumbled 0.7 percent. Tokyo's Nikkei advanced 0.3 percent.
FOX Business' Ken Martin and The Associated Press contributed to this report.
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