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Wall Street opens lower amid fresh trade tensions with China

Last updated: 09:45 23 Nov 2018 EST, First published: 04:45 23 Nov 2018 EST

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US stocks opened Friday to losses during an abridged post-holiday trading session, weighed heavily by technology after a Wall Street Journal report disclosed the White House had attempted to persuade foreign allies to avoid telecommunications equipment from China’s Huawei Technologies due to what they see as cyber-security risks.

The Dow Jones Industrial Average fell 113.89 points or 0.47% to 24,350.80, led lower by Chevron Corp, Exxon Mobil Corp, JP Morgan Chase & Co and the Goldman Sachs Group.

Meanwhile, the tech-laden Nasdaq shed 16.16 points, 0.24% to 6,957 points led lower by Apple Inc, Tesla, JD.com Inc and NetEase Inc, while the S&P 500 declined 0.45% to 2,637 weighed by Pioneer Natural Resources.

The Russell 2000 index of small-cap also fell by 0.74% to 1,477.33.

Elsewhere, Toronto’s TSX also fell 102.35 points, or 0.68% to 14,989 on news that a government watchdog would probe how Canada’s big banks handle customer complaints.

8:00 am: US stocks poised for lower opening as Apple slips in pre-market trading on supplier concern

US stocks were set for a lower start Friday as traders returned to their desks after the Thanksgiving holiday when Wall Street was closed.
In futures trading Friday, the Nasdaq was down 26 points to 6,552.

Apple Inc (NASDAQ:AAPL) dropped $1.18 to $175.60 in premarket trading. Bloomberg reported Wednesday that the tech giant’s biggest iPhone assembler, Foxconn, plans to cut $2.88 billion from expenses in 2019 as it faces a “difficult and competitive year.”

S&P 500 futures were down nearly 10 points to 2,639.75 while those for the Dow Jones Industrial Average was down 80 points to 24,385.

Sneaker company Nike Inc (NYSE:NKE) was down $0.52 to $71.85 in anticipation of a somewhat softer post-Thanksgiving Black Friday sales.

European stocks were mixed Friday, with the FTSE 100 down 2.66 points to 6,957.86 and the Dax up 9.64 points at 11,148.13.

Asia-Pacific stocks were mixed, with China’s Shanghai Composite down 65.95 to 2,579.48 and the Nikkei 225 in Japan up 139.01 points to 21,646.55.

Wednesday’s close in the US was mixed, with the Dow erasing its gain and slipping nearly a point at 24,464.69, while the tech-heavy Nasdaq added 63.43 to 6,972.25. The broader-based S&P 500 added about 8 points, finishing at 2,649.93.

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