Stocks Opened Lower as Trade Truce Prospects Faded

U.S. stocks opened sharply lower on Friday amid rapidly extinguishing trade optimism. The Dow Industrial Average lately decined 114.70 points, or 0.46%, to 25,054.83. The S&P 500 was down 9.27 points, or 0.34%, to 2,696.78. The Nasdaq Composite fell 32.36 points, or 0.44%, to 7,255.99.

Headlines pointing to a negative outlook on trade have choked investors’ risk appetites. Trump, according to multiple reports, told reporters in Washington, D.C., on Thursday that it was “unlikely” that he and Chinese President Xi Jinping would meet ahead of a March 1 deadline.

Mattel (MAT) reported much stronger-than-expected earnings for the fiscal fourth quarter, posting adjusting earnings of 4 cents per share versus consensus expectations of a loss of 14 cents.

Peer toymaker Hasbro (HAS), however, missed Wall Street’s earnings expectations in results reported Friday. Adjusted earnings were $1.33 per share, a 42% decline from the year-ago quarter and below Bloomberg-compiled consensus estimates of $1.71 per share. Revenue fell to $1.39 billion, also below expectations of $1.52 billion.

About the Author

has written 11469 stories on this site.

Copyright © 2012 Nine Stocks