Overnight Markets: US stocks end mostly lower on trade-deal uncertainty

US President Donald Trump and Treasury Secretary Steven Mnuchin said on Thursday that discussions with China to arrive at a trade deal is progressing quickly, though Trump said he could not say whether a final agreement would be reached.

Trump and Chinese President Xi Jinping had been expected to hold a summit in Florida this month, but no date has been set.

Meanwhile in the UK, British lawmakers voted overwhelmingly on Thursday to seek a delay in Britain’s exit from the EU.

Chipmakers, which rely on China for a large portion of their revenue, lost ground, with the Philadelphia SE chip index off 0.6%.

Boeing Co, the single largest US exporter to China, slipped 1% after its money-spinning 737 MAX jets were grounded globally following a fatal crash in Ethiopia on Sunday.

General Electric gained 2.8% after chief executive Larry Culp set conservative profit targets for this year and vowed for a better 2020 and beyond.

Apple added 1.1%, extending recent gains, after brokerage Cowen and Co started coverage with an “outperform” rating.

Facebook fell 1.8% after the world’s largest social network suffered a major outage that frustrated users across the globe for about 24 hours.

After the trading hours, Facebook’s shares were down 1.5% after chief executive Mark Zuckerberg said in a blog post that chief product officer Chris Cox will leave the social media network.

Shares of Adobe fell 2.1% in after hours trading after the company gave a disappointing revenue forecast for the current quarter as it reported quarterly results.

In Asia, share markets were mostly up on Friday in morning session as investors digested new developments on the US-China trade front.

In Japan, the Nikkei 225 gained 0.86% while the Topix index added 0.95%. South Korea’s Kospi gained 0.54%. Australia’s ASX 200 was near flat.


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