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Trade worries drive Dow, S&P down

Video Credit: Reuters Studio
Published on May 6, 2020 - Duration: 01:18s

Trade worries drive Dow, S&P down

The S&P 500 and the Dow fell on Wednesday but the Nasdaq ended higher.

The indexes pulled back late in the session after U.S. President Donald Trump said China may or may not keep a trade deal between the two countries.

Fred Katayama reports.

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Trade worries drive Dow, S&P down

Trade concerns drove the S&P 500 and Dow lower in a choppy session Wednesday.

Unnerving investors: President Donald Trump casting doubt on whether China will adhere to its trade deal and data showing a record 20 million workers getting laid off in April.

The Dow and S&P shed less than a percent.

But a rally by big cap tech stocks drove the Nasdaq up half a percent.

Nicole Webb is a financial advisor at Wealth Enhancement Group.

"The market arguably was already pricing in what it anticipated.

The market's no dummy.

It's looking ahead.

We knew the numbers this week were going to be devastating." GM was among the biggest drivers.

General Motors's quarterly profit topped estimates, and the auto maker said it plans to restart most of its North American plants May 18.

Occidental Petroleum shares fell.

The oil producer seeks to raise new cash or swap debt for stock.

It's trying to shore up its balance sheet a day after reporting a $2 billion quarterly loss.

After the bell, shares of Lyft zoomed sharply higher.

The ride-hailing company surprised Wall Street amid the lockdowns with revenue that topped estimates.

Lyft also vowed to further cut costs.

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