Stocks head for loss on week amid growing trade tensions

Stocks head for loss on week amid growing trade tensions

Trump is looking to levy tariffs on up to Dollars 60 billion of Chinese imports, targeting the technology, telecom and apparel sectors, sources told Reuters on Tuesday.

In a separate report, the department said that manufacturers' and trade inventories were estimated at $1,917 billion in January, up 0.6 per cent from the December reading.

Last week, Trump signed two declarations of imposing duties on import on steel and aluminum, which are expected to enter into force in the coming weeks.

The Dow Jones Industrial Average rose 72.85 points, or 0.29 percent, to end the week at 24,946.51, the S&P 500 gained 4.68 points, or 0.17 percent, to 2,752.01 and the Nasdaq Composite added 0.25 point, or 0 percent, to 7,481.99.

Investors also kept a close eye on the White House, after President Donald Trump fired Secretary of State Rex Tillerson and replaced him by Central Intelligence Agency Director Mike Pompeo.

The Nasdaq Composite Index was down 14.2 points, or 0.19 per cent, to 7,496.81.

Also weighing on sentiment was data that showed USA retail sales fell for a third straight month in February, pointing to a slowdown in economic growth in the first quarter.

Investors were also looking ahead to next week, when the Federal Reserve is expected to raise benchmark USA interest rates. The VIX Volatility Index was lower at 15.71 for a loss of -0.88 points or -5.30%.

Signet Jewelers fell 19.7 percent after the company gave a disappointing full-year earnings forecast.

The Russell 2000 is up 41.11 points, or 2.7 percent. Broadcom shares dipped 0.9 percent.

For the week, the Dow fell 1.57 percent, the S&P lost 1.04 percent, and the Nasdaq dropped 1.27 percent.

Among gainers, Ford rose 3.5 percent after Morgan Stanley double-upgraded the stock to "overweight" and raised its earnings estimate on the automaker.

Advancing issues outnumbered declining ones on the NYSE by a 2.01-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favoured advancers.