Stocks Opened Lower amid Trade Worries, Eyed on Uber’s IPO

U.S. stocks opened modestly lower Friday, amid the White House’s decision to impose higher tariffs on China goods. The Dow Jones Industrial Average lately fell 86.65 points, or 0.34%, to 25,741.71. The S&P 500 declined 6.55 points, or 0.23%, to 2,864.17. The Nasdaq Composite was down 10.05 points, or 0.13%, to 7,900.54.

Crude-oil prices headed modestly higher on Friday, as investors fret over the potential demand threat posed by escalating U.S.-China trade tensions. West Texas Intermediate crude for June delivery rose 37 cents, or 0.4%, to trade at $62.07 a barrel. July Brent crude added 30 cents, or 0.5%, to $70.75 a barrel.

President Donald Trump boosted tariffs Friday on $200 billion in goods from China and threatened to impose more in his most dramatic steps yet to extract trade concessions, saying there’s “no need to rush” a deal even though the uncertainty is roiling markets and clouding the global economy.

Uber Technologies Inc.’s highly anticipated initial public offering will raise more than $8 billion, the company disclosed Thursday afternoon, making it the biggest IPO for a U.S.-based company since Facebook Inc. went public in 2012.