Trade tensions with China dampen U.S. stocks

/ MoneyWatch

Stocks fell on Wall Street Friday amid investor concerns over whether the U.S. and China can settle their dispute over trade. Negotiations were suspended with no resolution last Friday after the U.S. more than doubled tariffs on $200 billion worth of Chinese imports to 25% from 10% and China imposed countertariffs.

"The trade issue could still get worse before it gets better, but our view remains that a deal will ultimately be reached to resolve the issue given the economic (and in Trump's case political) damage that would be caused if a deal is not reached," Shane Oliver of AMP Capital said in a commentary.

Even a short-term trade dispute could dampen consumer spending significantly, BoFA Merrill Lynch Global Research said in a research note.

Trending News

Technology and industrial companies dropped the most as the S&P 500 heads for a second straight weekly decline. That hasn't happened so far in a year where the index is up about 14%.

Deere shares dropped 4.6% after the farm equipment maker's second quarter earnings missed Wall Street expectations. The agricultural machinery company lowered its outlook for year based on the trade war and a weakened agriculture sector.

The S&P 500 index fell 0.6%, to 2,858. The Dow also lost 0.6%, falling to 25,708. The Nasdaq dropped 0.7%, to 7,838.

The yield on the 10 year Treasury fell to 2.37% from 2.40% Thursday.

First published on May 17, 2019 / 10:04 AM

© 2019 CBS Interactive Inc.. All Rights Reserved.

Trade tensions with China dampen U.S. stocks

Stocks fell on Friday as investors worried about whether the U.S. and China can resolve their trade dispute

4M ago

Tomi Lahren shares surprising view on Alabama abortion law

Lahren claimed she was wrongfully fired in 2017 for voicing her support for abortion rights

6M ago

New push to fix hazardous homes for America's military families

"It's unacceptable that military families are faced with living in poorly maintained housing, or newly constructed homes that are unsafe"

22M ago

Fred's closing another 104 stores in more than a dozen states

Discount chain announces a second round of closures that'll have its store count cut in half by end of June

40M ago

AG doubles down on claim that feds spied on Trump's campaign

"People have to find out what the government was doing during that period," said Barr

40M ago

Tomi Lahren shares surprising view on Alabama abortion law

Lahren claimed she was wrongfully fired in 2017 for voicing her support for abortion rights

6M ago

New push to fix hazardous homes for America's military families

"It's unacceptable that military families are faced with living in poorly maintained housing, or newly constructed homes that are unsafe"

22M ago

AG doubles down on claim that feds spied on Trump's campaign

"People have to find out what the government was doing during that period," said Barr

40M ago

White House moves to delay auto tariffs for up to six months

Trump is deciding against ratcheting up trade disputes or impacting talks with European nations and Japan

42M ago

Elizabeth Warren rolls out federal policy to protect abortion rights

Warren's proposal calls for Congress to "create federal, statutory rights that parallel the constitutional right in Roe v. Wade"

2H ago

Meghan Markle's close friend tears up as he denies rumors she's difficult

"You hear these stories and there's no truth to them," makeup artist Daniel Martin tells "CBS This Morning's" Gayle King

1H ago

Iranian envoy says be believes Trump, but U.S. has bad intel

Majid Takht-Ravanchi tells CBS News' Margaret Brennan he believes Trump's comments saying he doesn't want a war

2H ago

Taiwan's government legalize same-sex marriage in 1st for Asia

Legislature's vote allows same-sex couples full legal marriage rights, including in areas such as taxes, insurance and child custody

5H ago

CBS News poll: Americans want China to change policies

Many see tariffs having a negative impact in the short term

13H ago

Escalating trade tensions felt from Beijing to California

In Beijing, propaganda taunts the U.S. while business owners in the U.S. feel the impact of increased tariffs

15H ago

Meghan Markle's close friend tears up as he denies rumors she's difficult

"You hear these stories and there's no truth to them," makeup artist Daniel Martin tells "CBS This Morning's" Gayle King

1H ago

New on Netflix, Hulu and Amazon

Shows and movies you'll want to stream in May

Apr 26 36 photos

Grumpy Cat, viral meme sensation, dies aged 7

Her family said Grumpy Cat died following complications with a recent urinary tract infection

updated 30M ago

Met Gala 2019: Red carpet looks

See what all your favorite celebrities wore to fashion's biggest night

May 6 80 photos

Anthony Mason on his dream interviews, and how he ended up on TV

The newly-minted "CBS This Morning" co-host has interviewed everyone from Bill Clinton to Elton John, but still has a few people on his list

2H ago

Uber offers "quiet mode" for riders who don't want to talk

Uber's "quiet mode" lets riders silently indicate their preference for a conversation-free ride — for a premium price

13H ago

Autopilot was in use before Tesla hit semitrailer: NTSB

Tesla Model 3 involved in a fatal crash with a semitrailer in Florida on March 1 was operating on the company's semi-autonomous Autopilot system

16H ago

Chicago becomes first city to collect "Netflix tax"

As entertainment and shopping moves online, states and cities are looking to the digital world for potential revenue

14H ago

Eat dirt, Uber: Beyond Meat most successful IPO of 2019 thus far

The alternative meat startup's stock price has soared nearly 250% to $87 per share since it went public on May 2

May 16

FCC proposes new tools to block robocalls

Major phone carriers will be allowed to use a technology to block unidentified callers by default

May 15

Does "climate change" need a makeover? Some think so. Here's why.

"It's now a crisis, an emergency, and we need to engage people to demand smart policy and innovation."

22H ago

High winds scrub SpaceX launch of internet relay satellites

While disappointing, SpaceX was taking no chances with launch of its heaviest payload to date

May 15

The meatless meat market is sizzling for investors

The most buzzed-about products in the meatless market taste just like the real thing — and investors are taking notice

May 15

Climate-change investing moves beyond oil companies

Investors are pushing companies of all sorts — from retailers to restaurants — to reveal how they contribute to climate change

May 15

In climate change fight, few global cities get an "A"

A new ranking lets anyone see how nearly 600 cities are faring in their efforts to keep earth from overheating

May 15

Viral #YouKnowMe campaign asks women to post about abortions

Actress Busy Philipps took to social media to encourage women to speak out about their abortions using the hashtag #youknowme

10H ago

Missouri bill would prohibit abortion after 8 weeks

"We have the opportunity to be one of the strongest pro-life states in the country," Missouri Governor Mike Parson said Wednesday

13H ago

Computerized program could help with traumatic brain injuries

Most people recover from mild traumatic brain injury, but others continue to experience symptoms

15H ago

OxyContin maker denies "stunningly overbroad" claims from states

45 states and about 2,000 local and tribal governments now have recent legal action against Purdue Pharma

20H ago

Low-fat diet may cut risk of dying from breast cancer, study finds

Doctors say the results show a way women might improve their odds of survival

May 15

Trade tensions with China dampen U.S. stocks

Stocks fell on Friday as investors worried about whether the U.S. and China can resolve their trade dispute

4M ago

Fred's closing another 104 stores in more than a dozen states

Discount chain announces a second round of closures that'll have its store count cut in half by end of June

40M ago

White House moves to delay auto tariffs for up to six months

Trump is deciding against ratcheting up trade disputes or impacting talks with European nations and Japan

42M ago

Uber offers "quiet mode" for riders who don't want to talk

Uber's "quiet mode" lets riders silently indicate their preference for a conversation-free ride — for a premium price

13H ago

Boeing says 737 Max software update is ready

The next major step is a certification flight with FAA representatives, but it hasn't yet been scheduled

15H ago

Executions carried out in Alabama and Tennessee

Don Johnson in Tennessee and Michael Brandon Samra in Alabama both received lethal injections Thursday night for separate crimes

11H ago

Missing pregnant teen found dead; baby cut from womb

Family says Marlen Ochoa-Uriostegui was lured by a woman she met on Facebook with the promise of baby clothes

13H ago

Genetic genealogy leads to arrest in Idaho teen's 1996 murder

The controversial emerging technique relies on public genealogy databases, but has raised privacy concerns

15H ago

Lawyer: Cop killed mentally ill woman in "unjustifiable execution"

At emotional press conference, family accused police of criminalizing Pamela Turner and called officer a "monster"

15H ago

Firefighter, also father of 3, fatally shot during emergency call

Mitch Lundgaard, a 14-year veteran, was killed in Wednesday night's incident; a bystander and Appleton, Wisconsin, police officer were also hurt

16H ago

High winds scrub SpaceX launch of internet relay satellites

While disappointing, SpaceX was taking no chances with launch of its heaviest payload to date

May 15

NASA wants to send first woman to the moon

NASA is gearing up to send American astronauts back to the moon by 2024, and it hopes to include a woman for the first time. The Trump administration has asked Congress to approve an additional $1.6 billion for NASA's budget. CBS News space consultant Bill Harwood joined CBSN to discuss the ambitious plans.

May 14 04:35

NASA vows to make ambitious plan to return to the moon "a reality"

The newly announced Artemis program, named after the Greek goddess of the moon, intends to land astronauts on the South Pole of the moon by 2024

May 14

Trump backs early moon landing with funding request

Trump administration asks Congress to kick-start NASA moon mission with $1.6 billion in additional 2020 funding

May 14

Shrinking moon may be causing "moonquakes"

NASA says the moon is shrinking and it may be creating so-called "moonquakes." Scientists say the moon's interior is cooling and causing it to shrivel up like a raisin. The shrinking has caused ridges on the moon's surface called "thrust faults" — where one section of crust is pushed up over a neighboring part. Scientists now believe those faults are to blame for the tremors.

May 14 00:44

Britain's royal great-grandchildren

Prince Harry's new baby Archie is the eighth great-grandchild for Queen Elizabeth and Prince Philip

May 8 9 photos

Met Gala 2019: Red carpet looks

See what all your favorite celebrities wore to fashion's biggest night

May 6 80 photos

Dale Pike murder: Evidence photos in the case against Enrico Forti

In 1998, Dale Pike came to Miami to discuss a business deal with Enrico Forti — the next day he was dead, and Forti was the prime suspect

May 3 17 photos

Worst movie sequels since 2000, ranked

These are the lowest-rated sequels this century, according to Metacritic's rankings

Apr 30 51 photos

Private secrets shared via postcard

Since 2004, hundreds of thousands of anonymous contributors with something to get off their chest have sent postcards to the website PostSecret.com

Apr 28 32 photos

Popular

Dickerson pays tribute to "CBS This Morning"

In John Dickerson’s final Reporter's Notebook, he turns to the people in the studio, in the building, and CBS News bureaus around the world. Dickerson is shifting roles to report for "60 Minutes" and contribute to election specials.

updated 36M ago 05:00

Scott Pelley on new book "Truth Worth Telling"

Over his decades-long career, award-winning journalist and "60 Minutes" correspondent Scott Pelley has been on the front lines to cover events that changed the world. His new memoir, "Truth Worth Telling: A Reporter's Search for Meaning in the Stories of Our Times," highlights individuals who found purpose during life-changing moments of history, including Marines stationed in Afghanistan, parents of the Sandy Hook shooting, and even Bruce Springsteen. Pelley joins "CBS This Morning" to talk about his book.

updated 36M ago 05:06

Markle's friends deny rumors she's difficult

For the first time, some of Meghan Markle’s best friends are giving us a rare and intimate look at the life of the Duchess of Sussex. In a CBS News special, "Meghan and Harry Plus One," makeup artist Daniel Martin and actress Janina Gavankar discuss why Meghan is ready for motherhood and how she handles the stress of critical headlines. Watch the royal baby special Friday, May 17 at 8/7c on CBS.

updated 36M ago 03:14

Sandberg: "Men need to step up" in workplaces

A new study from LeanIn.org found 60 percent of male managers say they’re uncomfortable interacting with women at work, up 32 percent from 2018. Workplace interactions that men are nervous about include mentoring, socializing, and having one-on-one meetings. Sheryl Sandberg, Lean In founder and Facebook chief operating officer, joins “CBS This Morning” to discuss the survey’s results. She also says Facebook understands the company "made mistakes" with the privacy and security scandals.

updated 51M ago 08:59

All that matters in 90 seconds

A look back at what we've been covering on "CBS This Morning."

1H ago 01:19