By Yasin Ebrahim<\/p>\n
Investing.com Wall Street struggled on Friday, as better-than-expected job gains were cast aside by a lack of progress among lawmakers on the next round of coronavirus stimulus and souring U.S.-China trade relations.<\/p>\n
The Dow Jones Industrial Average fell 0.26 %, or 69 points. The S&P 500 slipped 0.30%, while the Nasdaq Composite fell 1.21%.<\/p>\n
The US economy added a better-than-forecast 1.76 million jobs in July, reinforcing investor expectations that the labor market remains steady despite recent data including a weaker jobless claims report earlier this week suggesting otherwise.<\/p>\n
But a lack of progress among lawmakers on another pandemic stimulus relief, which is key to sustaining the U.S. economic recovery, prompted investors to rein in their bullish bets.<\/p>\n
House Speaker Nancy Pelosi reportedly said an offer to reduce the $3.4 trillion package by $1 trillion was rejected by the White House, marking a blow to hopes of lawmakers meeting a self-imposed Friday deadline to resolve key sticking points.<\/p>\n
As well as the slow pace of negotiations on Capitol Hill, rising U.S.- China trade tensions - in the wake of President Trump's decision to target Chinese tech - weighed on investor sentiment.<\/p>\n
President Donald Trump on Thursday issued executive orders against Chinese tech firms TikTok and WeChat, which he claimed would curb the \"threat\" they pose to U.S. national security.<\/p>\n
The sluggish day on Wall Street was exacerbated by weakness in tech stocks, which have led much of the rally since the recent lows seen in March.<\/p>\n
Facebook (NASDAQ:FB) sidestepped the broader market weakness, while the rest of the of the so-called Fab 5 floundered, with Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), and Microsoft (NASDAQ:MSFT) nursing losses.<\/p>\n
Energy also played its role in pressuring the broader market, falling 1% as oil prices look set to the end the day in the red as U.S.-China tensions added a layer of uncertainty to the crude demand outlook.<\/p>\n
On the earnings front, Uber Technologies (NYSE:UBER) slumped more than 5% following a wider-than-expected loss in the second quarter as its core ride sharing business saw bookings plummet 73% amid pandemic-led weakness.<\/p>\n
T-Mobile US (NASDAQ:TMUS) popped 6.5% to hit new 52-week highs after the wireless provider delivered better-than-expected quarterly earnings and said it had usurped AT&T (NYSE:T) as the second biggest mobile carrier in the U.S.<\/p>\n
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Dow Struggles as Bears Find Joy on Stalling Stimulus Progress - Yahoo Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" By Yasin Ebrahim Investing.com Wall Street struggled on Friday, as better-than-expected job gains were cast aside by a lack of progress among lawmakers on the next round of coronavirus stimulus and souring U.S.-China trade relations. The Dow Jones Industrial Average fell 0.26 %, or 69 points. The S&P 500 slipped 0.30%, while the Nasdaq Composite fell 1.21%. Continue reading