Traders Andrew Silverman, left, Gregory Rowe, center, and Robert Charmak share a laugh as they work on the floor of the New York Stock Exchange, Friday, Aug. 31, 2018. Stocks are opening mostly lower on Wall Street, led by declines in banks and energy companies. (AP Photo/Richard Drew)

US stocks slide again as investors wait for trade news

August 31, 2018 - 3:10 pm

NEW YORK (AP) — Stocks are lower in afternoon trading on Wall Street Friday following a late loss the day before. Traders are keeping their eye on trade talks between the U.S. and Canada. There are hopes that the two sides will reach a preliminary trade deal later in the day, but there were few signs of progress.

Energy companies and banks slipped Friday while retailers edged higher.

Stocks slid Thursday afternoon after Bloomberg News reported that the Trump administration could escalate the U.S.-China trade war next week by putting tariffs on $200 billion in imports. Meanwhile the U.S. and Canada are resuming trade negotiations.

KEEPING SCORE: The S&P 500 index slid 4 points, or 0.2 percent, to 2,896 as of 3:05 p.m. Eastern time. Trading was very light ahead of the Labor Day holiday in the U.S. on Monday.

The Dow Jones Industrial Average fell 63 points, or 0.2 percent, to 25,923. The Nasdaq composite rose 13 points, or 0.2 percent, to 8,101. The Russell 2000 index of smaller-company stocks gained 5 points, or 0.3 percent, to 1,737.

Despite its losses the last two days, the S&P 500 is on track to finish August with a gain of 2.9 percent, and the Nasdaq is up 5.6 percent this month.

THE QUOTE: Katie Nixon, chief investment officer for Northern Trust Wealth Management, said President Donald Trump will probably submit the outlines of a U.S.-Canada trade deal to Congress soon. But the trade war between the U.S. and China may drag on for months, and Nixon said that could stop businesses from investing and affect the economy and the stock market.

"These things will have to be resolved one way or another for investors to regain the kind of confidence it's going to take to propel the markets meaningfully forward," she said.

EARNINGS: Gun and hunting and camping gear maker American Outdoor Brands jumped 38.4 percent to $13.52. The company said sales picked up and it cut costs while offering fewer discounts. That erased the stock's big losses from earlier in the year, and it's up now 5 percent in 2018.

Lululemon Athletica jumped 13.6 percent to $155.62 after it raised its forecasts for the rest of the year following a strong second quarter. Shares in the yoga gear maker have doubled in value this year.

Discount retailer Big Lots sank 9.5 percent to $43.32 after its earnings and sales fell short of analysts' projections.

LOSING FOCUS: Ford declined 3 percent to $9.41 following reports the company canceled plans to import a version of the Ford Focus that is made in China, citing the tariffs proposed by the Trump administration.

ULTA IS KEEPING UP: Ulta Beauty climbed after the company announced a partnership with Kylie Cosmetics. It said the brand, started by reality TV star Kylie Jenner, will be available in its stores and online later this year. The stock gained 6 percent to $259.19.

CUPPA JOE FOR COKE: Coca-Cola said it will pay $5.1 billion for the biggest coffee company in Britain. Costa has 2,400 shops in the U.K. and about 1,400 in more than 30 other countries.

Coca-Cola already owns the Georgia and Gold Peak coffee brands, which make bottled and canned drinks, but the purchase of Costa might be a step toward competing with Starbucks. In the last few years Coke has also acquired a minority stake in sports drink company BodyArmor.

Coca-Cola fell 1.1 percent to $44.44.

OLE! Argentina's stock index jumped 6.7 percent after a spokesman for the International Monetary Fund said the country has the IMF's "full support." The Merval index has climbed over the last two days after the government asked for the early release of $50 billion in rescue funds.

The index is still down 5.1 percent this year, and the Argentine peso has been trading at all-time lows.

ENERGY: Benchmark U.S. crude fell 0.6 percent to $69.80 a barrel in New York. Brent crude, used to price international oils, dipped 0.5 percent to $77.42 a barrel in London.

Wholesale gasoline was unchanged at $2.14 a gallon. Heating oil lost 0.3 percent to $2.24 a gallon. Natural gas gained 1.5 percent to $2.92 per 1,000 cubic feet.

BONDS: Bond prices rose for the second consecutive day. The yield on the 10-year Treasury note fell to 2.84 percent from 2.86 percent. Banks fell in tandem with the bonds yields, which force rates on loans like mortgages lower.

MEATLS: Gold rose 0.1 percent to $1,206.70 an ounce. Silver dipped 0.3 percent to $14.56 an ounce. Copper skidded 1.7 percent to $2.67 a pound.

CURRENCIES: The dollar rose to 110.97 yen from 110.05 yen. The euro fell to $1.1603 from $1.1663.

OVERSEAS: France's CAC 40 fell 1.3 percent and Germany's DAX lost 1 percent. Britain's FTSE 100 sank 1.1 percent.

Japan's benchmark Nikkei 225 recouped earlier losses to finish virtually unchanged. South Korea's Kospi rose 0.7 percent and Hong Kong's Hang Seng fell 1.1 percent.


AP Markets Writer Marley Jay can be reached at His work can be found at

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