3 months ago
Stock Market

Stocks - Wall Street Falls on Global Growth Concerns

Investing.com – Wall Street dipped on Friday as investors remained wary of signs of slowing economic growth around the

Investing.com – Wall Street dipped on Friday as investors remained wary of signs of slowing economic growth around the globe.

The S&P 500 fell 27 points or 1% as of 9:30 AM ET (14:30 GMT), while the Dow decreased 189 points, or 0.7%, and the tech-heavy Nasdaq Composite slipped 88 points, or 1.2%.

Retail sales in China posted their weakest growth in 15 years, increasing worry about the world’s second largest economy as the country is impacted by trade disputes with the U.S. In Japan, the Bank of Japan’s Tankan survey released overnight showed companies expect conditions to worsen in the next three months.

Investors were also keeping an eye on trade war developments, as China said it would suspend additional tariffs on U.S.-made vehicles starting Jan. 1, as it moves to make progress on trade talks with the U.S.

Technology stocks were down, with Apple (NASDAQ:AAPL) falling 1.8%, Facebook (NASDAQ:FB) down 1.3% and Tesla (NASDAQ:TSLA) inching down 0.4%.

Visa (NYSE:V) dipped 1.5%, while Goldman Sachs (NYSE:GS) slipped 0.3% and JPMorgan (NYSE:JPM) decreased 0.6%.

Starbucks (NASDAQ:SBUX) slumped 4% after the company said same-store sales would remain steady despite a partnership with UberEats and Costco (NASDAQ:COST) fell 5% after it reported a decline in gross margins.

Elsewhere, Bank of America (NYSE:BAC) inched up 0.2%, while semiconductor company Advanced Micro Devices (NASDAQ:AMD) rose 0.2%.

In commodities, gold futures fell 0.8% to $1,237.50 a troy ounce and crude oil decreased 0.5% to $52.30 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.6% to 97.67.

-- Reuters contributed to this report.