Gains on Wall Street petered out on Friday, with the Nasdaq index turning negati...
- Gains on Wall Street petered out on Friday, with the Nasdaq index turning negative, as an upbeat mood fueled by signs of upcoming U.S.-China trade talks and solid domestic consumer spending data, waned ahead of a long Labor day weekend.
The three main indexes opened higher, following data which showed strong U.S. consumer spending in July and signals from Washington and Beijing on Thursday, that they will resume trade talks, as the countries discussed the next round of in-person negotiations in September. “I would caution people to be a little careful because optimism won’t last if it doesn’t ultimately materialize into something substantive like an agreement which I just have a hard time seeing it happen.”
That has Wall Street's main indexes on course for monthly losses of up to 3%. Still, the markets are also on course for their best weekly gain since June and the benchmark S&P 500Markets are also bracing for a new round of U.S. tariffs on some Chinese goods to come into effect on Sunday and the technology sector .SPLRCT was the biggest weight on the S&P with a 0.3% loss.
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