Wall Street Slumps on Falling Trade Hope, Disappointing Earnings By Investing.com

© Reuters.

Investing.com – Wall Street slumped on Friday as trade hopes waned after China’s state run media expressed impatience with how talks were going with the U.S.

The fell 14 points or 0.5% by 9:39 AM ET (13:39 GMT), while the lost 133 points or 0.5% and tech-heavy was down 50 points or 0.6%.

It is “meaningless” for officials to meet without the U.S. showing it is sincere, according to Taoran Notes, a WeChat blog run by the state-owned Economic Daily, seen as a mouthpiece for government opinion.

The comments, just one day after the White House excluded Huawei and other Chinese companies from the U.S. market, are a turn of rhetoric for China, who had previously been patient and hopeful on a deal being reached.

Pinterest (NYSE:) slumped 14% after the open, as its first earnings report since going public failed to beat estimates, while Amazon (NASDAQ:) was down 0.7%.

Uber (NYSE:) lost 3% on news that Amazon invested $575 million into U.K.-based delivery company Deliveroo.

Meanwhile Deere & Company (NYSE:) slipped 4% as ongoing trade tensions and rain-delayed planting hit the company’s bottom-line.

In commodities, fell 0.3% to $1,281.85 a troy ounce, while rose 0.4% to $63.17. The , which measures the greenback against a basket of six major currencies, neared a two-year high at 97.700.

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