Wall Street crushed on lack of trade talk progress


  • The Nasdaq Composite Index lost  65.20 points to reach 8,117.67, a decline of 0.8%.
  • The Dow Jones Industrial Average lost 160.60 points, or 0.59%, at 26,934.19.
  • The S&P 500 index dropped 14.89 points, or 0.5%, to 2,991.90.

The technology sector dragged US stocks lower on Friday following the news that the Chinese delegation, visiting the US negotiators this week, cancelled plans to visit farms in Montana as a part of its negotiations with the U.S. delegation - President Trump declared he would not accept a partial trade deal.

The benchmarks closed in the red for the first weekly decline in a month and the Dow Jones Industrial Average lost 160.60 points, or 0.59%, at 26,934.19, while the S&P 500 index dropped 14.89 points, or 0.5%, to 2,991.90. The Nasdaq Composite Index lost  65.20 points to reach 8,117.67, a decline of 0.8%.

US data will also be key

Looking ahead to next week, US data will be a keen focus following the Federal reserve's announcements earlier in the week.

"The Markit PMI will offer a preliminary first look at countrywide manufacturing activity for September, with the market looking for an unchanged print at 50.3. This stands in contrast with the ISM manufacturing reading, which dipped below 50 in August. Conversely, the preliminary Markit services PMI is projected to have advanced to 51.5, up from 50.7 in August,"

analysts at TD Securities explained.

DJIA levels

The bearish dojis have weighed on the index and the DJIA had dropped back below the 4-hour 21 moving average casting a bearish outlook for next week's open. Bears can then target the 21-day moving average, the 50 and then the 200-day MA (25756). Further below lies the May and June lows on the wide in the 24700s as a double-bottom target. 
 

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