- Stocks fell on Friday after Donald Trump pushed back against reports he would remove tariffs on Chinese goods.
- Sentiment in the Dow Jones was supported by diminishing fears of a US-EU trade war.
- Nordea anticipates that the Dow will move sideways with an upward bias heading into Christmas.
The Dow Jones declined on Friday after President Trump pushed back against the narrative that he was prepared to roll back tariffs on China.
Cushioning the blow to the Dow, comments from the EU’s Jean-Claude Juncker that Trump would not start a trade war against Europe helped support risk appetite.
Despite the uncertainty, markets remain close to record highs, and Nordea Asset Management anticipates stable trading for the stock market heading into December.
Dow Jones and S&P 500 Fall; Nasdaq Clings to Gains
The Dow Jones slipped on Friday as Trump confirmed analyst fears with his reluctance to commit to the removal of tariffs in December. | Source: Yahoo Finance
There was not a considerable amount of volatility in the major US stock market indices on Friday. The Nasdaq led the way with a minor 0.16% gain, while the S&P 500 traded flat and the Dow Jones Industrial Average limped lower.
Shortly before the closing bell, the Dow had declined 52.68 points or 0.19% to settle at 27,622.12.
A sizable rally in the US dollar provided some additional pressure on stocks, with the rise in the DXY sending the gold price to its worst performance in years.
What’s Moving the Stock Market Today
While there are concerns over the state of the trade war between the US and China, in Europe, the EU’s president remains confident that Trump will not pursue a trade war by targeting their automobile exports.