Stocks drop as U.S.-China trade tensions increase, U.S. retail sales drop. On Friday, Asian stocks declined after the record plunge in retail sales renewed trade tensions between the world’s two economic countries.
The Dow Jones Industrial Average slid 86 points or 0.4%. The S&P 500 dropped 0.6%, and the Nasdaq Composite slipped by 0.8%.
In April, U.S. monthly retail sales dropped by 16.4%. Economists had projected a drop of 12.3%. Core retail sales, excluding auto, gas, food, and building materials sales, fell 15.3%.
Shares of semiconductor manufacturers AMD, Nvidia, and Skyworks Solutions all slid more than 0.8%. Apple also reported a drop of 2.1%, Cisco and Qualcomm slid 8%, and 5%, respectively.
The Dow and S&P 500 both indexes failed more than 2% at the end of Thursday’s session. The Nasdaq was also down nearly 2% for the week.
U.S. weekly jobless claims hit nearly 3 million, the data from the Labor Department shows. This brings the 8-week total to more than 36 million since the coronavirus pandemic began.
According to data revealed by Johns Hopkins University, the total number of worldwide COVID-19 cases has crossed 4 million. Alone in the U.S., the virus has affected over 1.4 million people.
“Given the amount of uncertainty about this crisis that still looms, we should not be surprised by the setbacks we’ve seen in markets this week,” chief market strategist at CUNA Mutual Group, Scott Knapp said.
Caroline Kenny is the senior news reporter for News Fior She covers Science. Caroline graduated from the Honors College at the College of Charleston with bachelor’s degrees in communication and political science. She worked for Science Mag. She was a digital producer for Science Mag. She is a native of Long Island, New York.