New York, USA – May 8, 2018: Wall Street sign near the New York Stock Exchange with United States flags.
ymgerman | iStock Editorial | Photos of Getty
This is a live blog. Here’s what happened:
9:30 am: Stocks open slightly changed on the last day of the strong week
Stocks opened slightly lower on Friday after China̵7;s decision not to set a formal GDP target for the year, which contributed to a surge in Asian markets. The Dow fell 32 points, or 0.1%, in the opening minutes. The S&P 500 and Nasdaq made similar dips. All three major US indexes climbed nearly 3% week-to-date. -Pound
8:52 am: US-relations could be a growing issue for the market
With China’s issue becoming a bigger focus in the US presidential election, increasing tensions between Washington and Beijing could be a more persistent headwind for markets.
So far, narrow ties – including a war of words between the United States and China over coronavirus blame, the US crackdown on Huawei and now Chinese companies listed on U.S. exchanges States – has not had a significant impact on the US stock market. But in the last two sessions, US relations with China have hung in the market, especially as China announced new security measures for Hong Kong Friday and Beijing has taken unusual measures of foreclosure. of GDP as a result of the virus. -Domm
8:18 am: Joe Biden says economic recovery from Covid-19 looks ‘a long way off’
Former Vice President and 2020 presidential candidate Joe Biden said Friday that economic recovery from coronavirus pandemics looks “a long way off.” In an interview on CNBC’s “Squawk Box,” the Democrat criticized the tax cuts in 2017 by Republicans and questioned what the United States could use in lost revenue because of its inclusion in an economic crisis. – Pramuk
7:54 am: Moderate up 4.5% after Fauci says he’ll be optimized for vaccine candidate
Anthony Fauci, one of the White House’s top healthcare consultants, said he was carefully optimized about recent data on Moderna’s vaccine candidate to fight Covid-19. Fauci told NPR on Friday that he is pleased to see the results of the early stage and the levels of neutralizing antibodies in eight patients tested in the latest Moderna trial. Moderna’s stock rose 45% in May and rose 4.5% in trading premarket Friday morning. – Franck, Tirrell
7:40 am: Oil is down more than 5% on demand concerns
Oil prices plummeted on Friday after China slashed its 2020 GDP target, worries that petrol-fueled products will remain depressed for the world’s second-largest oil users. West Texas Intermediate dipped 5.6%, or $ 1.92, to trade at $ 32.00 per barrel, while international benchmark Brent closed 4.7% lower at $ 34.37. The pullback came amid a surge of oil, and due to a jump earlier this week, oil is still on track to post its fourth straight week of gains. “Oil prices have been rising and rising and rising in recent weeks. While there is a reason for the higher levels, a sustained rise is neither sustainable nor justified,” Rystad Energy senior oil market analyst said Paola Rodriguez Masiu. – Stevens
7:20 am: China decides not to set economic growth target for 2020
China has taken an unusual step of deciding not to set a target for economic growth for 2020 thanks to the unprecedented uncertainty introduced by the Covid-19 pandemic. “Our country will face some factors that are difficult to predict in its development due to the high uncertainty regarding the Covid-19 sensation and the global economic and trade,” Chinese Premier Li Keqiang said in a report of English text.
The country’s economy contracted 6.8% in the first quarter, while unemployment is on record as historic high-minded data as of April suggests some recovery. Last year, China’s GDP grew by 6.1%, making the official target range only 6% to 6.5%. – Franck, Cheng
7:15 am: Stock futures fall, pointing to more losses to end the week
Futures contracts tied to the major U.S. stock indexes fell on the trading premarket Friday morning with Wall Street set to end an otherwise strong week with moderate losses. Dow futures indicated an opening dip of almost 100 points while the S&P 500 and Nasdaq 100 contracts suggested declines of 0.4% and 0.5% respectively. However, the basic averages remained at speed for solid weekly gains. The Dow has been up more than 3% this week to date and is heading into the biggest one this week since the week of April 9.
Trading on Monday was suspended in the United States thanks to the National Day holiday. – Franck
– Evelyn Cheng, Jacob Pramuk and Meg Tirrell contributed to this report.
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