Stocks open lower as US-China trade talks carry on
The Dow Jones industrial average dipped 10 points, with Intel as the worst-performing stock. The S&P 500 fell 0.1 percent as tech and consumer discretionary lagged. The Nasdaq composite declined 0.2 percent.
On Thursday, the two largest economies in the world began the second round of trade talks. But President Donald Trump told reporters he doubted the negotiations would be successful.
Later, reports emerged saying China would offer the U.S. a $200 billion trade surplus cut. Those reports, however, were quickly denied by a Chinese ministry spokesman on Friday. "This rumor is not true. This I can confirm to you," the spokesman said. "As I understand, the relevant consultations are ongoing and they are constructive."
Tensions between the U.S. and China have increased in recent months as both countries have hit each other with tariffs targeting some of their exports.
The major indexes were on track to post slight weekly losses. Entering Friday's session, the Dow was down 0.5 percent, while the S&P 500 and Nasdaq had declined 0.3 percent each. The move lower this week took place after the averages jumped more than 2 percent last week.
Helping push stocks lower this week were higher interest rates. The benchmark 10-year note yield broke above 3.1 percent for the first time since 2011 this week, while the two-year yield traded at its highest level in nearly 10 years. Fears of the Federal Reserve tightening monetary policy faster than expected have pushed investors to sell Treasurys recently.
In corporate news, Nordstrom shares dropped after the Seattle-based retailer reported same-store sales that missed analyst expectations. The miss was enough to overshadow better-than-expected revenue and earnings for the first quarter.