New York: Wall Street stocks dropped early Friday as the latest barbs between the US and China worsened trade war fears and US jobs growth disappointed in March.
About 15 minutes into trading, the Dow Jones Industrial Average had lost 0.7 percent to 24,335.06.
The broad-based S&P 500 fell 0.6 percent to 2,648.03, while the tech-rich Nasdaq Composite Index shed 0.5 percent to 7,040.41.
Trade war anxieties were back on the front burner after President Donald Trump threatened late Thursday to impose tariffs on an additional $100 billion in Chinese goods, provoking strong criticism from Beijing.
The Trump administration has sent mixed signals on trade, with threats of new sanctions accompanied by reassurances from some White House officials that the proposed tariffs are meant as a bargaining chip to a compromise.
“Over the last 72 hours, the war of words between the US and China has escalated rapidly,” said a note from Oxford Economics that predicted the conflict could either be de-escalated gradually or lead to a “slippery slope toward a grade war.”
“The recent Cabinet re-shuffle indicates a circle of presidential advisers who closely adhere to Trump’s world view, raising the risks of an all-out trade war,” the note added.
The latest war of words came as the Labor Department reported that the US added only 103,000 net new positions last month, well below expectations. Unemployment held steady at 4.1 percent.
US stocks retreat on China trade spat, jobs data
US stocks retreat on China trade spat, jobs data
- About 15 minutes into trading, the Dow Jones Industrial Average had lost 0.7 percent to 24,335.06.
- Threats of new sanctions are accompanied by reassurances from some White House officials that the proposed tariffs are meant as a bargaining chip.
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
