The major domestic equity indexes were lower on Friday following renewed jitters over the U.S.-China trade war, capping a week of trading that saw big swings and high volume.
Trump said the United States and China were pursuing trade talks but he was not ready to make a deal, fanning fears over the impact of the trade war on the global economy.
Trump also said the United States would continue to refrain from doing business with Chinese telecoms equipment giant Huawei Technologies.
The week was marked by wild swings, but indexes finished nearly flat on the week. This week’s volume on U.S. exchanges was also the biggest weekly total of the year, exceeding 41 billion shares.
On Friday, all three major equity indexes were down more than 1% in early trading and rebounded later in the session, with the Dow briefly turning positive at one point. This left a 315-point swing between the blue-chip index’s high and low of the day.
Shares of the tech stocks fell, with the Philadelphia SE Semiconductor index down 1.8%.
Shares of Amgen rose 5.9% on news that a judge said patents relating to the Amgen’s blockbuster rheumatoid arthritis drug Enbrel were valid, denying a challenge by Novartis.
Uber fell 6.8% after the company reported a record $5.2 billion quarterly loss and revenue that fell short of consensus.
Nektar Therapeutics fell a day after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg.