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Stocks traded mostly lower Friday as investors await much-anticipated trade talks between U.S. and Chinese officials this weekend.
The Dow Jones Industrials sank 119.07 points to 41,249.38.
The S&P 500 index dropped 4.03 points to 5,659.91
The NASDAQ Composite squeezed ahead 0.78 points to 17,928.92.
Week to date, the S&P 500 was on pace for a 0.5% loss, while the NASDAQ was on track to lose about 0.3%. The Dow is down roughly 0.2%.
The talks between U.S. and Chinese officials follow the U.S. and U.K. reaching a preliminary trade deal. Investors hope this will lead to more agreements being reached quickly. That said, a 10% tariff rate on the U.K. appears to be the baseline for the globe.
The president also wrote on Truth Social that an “80% Tariff on China seems right” ahead of talks lead by Treasury Secretary Scott Bessent with China counterparts in Switzerland this weekend.
“Many Trade Deals in the hopper, all good (GREAT!) ones!,” said Trump, a day after announcing a preliminary trade agreement with the U.K., which marked the first deal between the U.S. and a global trading partner since Trump’s “reciprocal” tariff announcement in early April.
While this is a de-escalation somewhat from the current 145% tariff on China, it’s still higher than many expected where the administration would go to jumpstart talks.
Bloomberg News had reported earlier that the rate could be lowered below 60% as soon as this week.
It was also unclear if the president is talking about a long-term tariff rate on China or a temporary one during negotiations.
Prices for the 10-year Treasury eased, raising yields back to Thursday’s 4.39%. Treasury prices and yields move in opposite directions
Oil prices prospered $1.01 to $60.92 U.S. a barrel.
Prices for gold revived $26.80 to $3,332.80 U.S.