Stocks Opened Lower as U.S.-China Concerns Rose

U.S. stocks opened lower on Friday as relations between the US and China were tested further. The Dow Jones Industrial Average lately fell 124.71 points, or 0.47%, to 26,527.62. The S&P 500 lost 26.71 points, or 0.83%, to 3,208.95. The Nasdaq Composite slid 202.25 points, or 1.93%, to 10,259.16.

Oil futures bounced on either side of unchanged early Friday, as investors weighed upbeat economic data from Europe against developments between the world’s biggest economic superpowers. West Texas Intermediate crude for September delivery was up 2 cents, or less than 0.1%, at $41.09 a barrel. September Brent crude added a penny, or less than 0.1%, at $43.32 a barrel.

China on Friday ordered that the US close its consulate in the populous city of Chengdu, in response to the Trump administration’s directive to force Beijing to shut down its consulate in Houston earlier this week.

Verizon Communications Inc (VZ) on Friday beat estimates for second-quarter profit and revenue on strong demand for its phone and internet services as coronavirus-induced lockdowns prompted a rapid shift to remote working and learning. Net income rose to $4.84 billion, or $1.13 per share, in the second quarter ended June 30 from $4.07 billion, or $0.95 per share, a year earlier.