Markets Right Now: Stocks sink as tariff deadline approaches

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At the rally Mr Trump said if no deal was struck there was "nothing wrong with taking in more than $100bn a year" while China's state-run Global Times said China was "much better prepared" than the US.

When U.S. and Chinese negotiators resume trade talks Thursday evening, they will try to recast their economic relationship for the future.

"We'll see but I am very happy with over US$100 Billion a year in Tariffs filling USA coffers.great for United States, not good for China!"

News that China appeared to be backtracking from its verbal commitments was delivered to Trump in a briefing at the end of last week from his chief trade negotiator Lighthizer, who cast the developments as a disappointing move after what had appeared to be weeks of progress. "You don't want to be caught off-guard by perhaps a negative comment out of Beijing overnight or, for that matter, the White House".

The S&P 500 fell 1 point to 2,883. The benchmark index had been up 0.5%. The Dow Jones Industrial Average inched up 0.1% to 25,967.33. The Nasdaq (^IXIC) fell 0.26%, or 20.44 points.

Materials and technology stocks posted the steepest declines among the S&P 500's sectors, dropping 0.8 per cent and 0.7 per cent, respectively. Major European indexes also finished lower.

Technology and health care companies fell the most.

The U.S. and China have raised tariffs on tens of billions of bucks of every other's goods in their dispute over U.S. complaints about China's expertise ambitions and practices. Nonetheless primarily the most fresh hard talk is raising panic on Wall Boulevard and casting extra doubt about a resolution.

USA tariffs on some US$200 billion in Chinese goods are set to increase to 25 per cent just hours later in a move that economists and businesses say risks being the most economically consequential of all of Trump's tariff moves so far.

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A further escalation in the trade dispute would create renewed uncertainty for businesses and consumers, hurting the world economy. "We've taken well over US$100 billion from China in a year".

USA stock indexes closed lower on Thursday ahead of the trade talks, though they pared losses after Trump said he had received a "beautiful" letter from Chinese President Xi Jinping.

Stephens, a grower from Clinton, Kentucky, said that United States farmers are in a tough situation, and with depressed prices and unsold stocks forecast to double before the 2019 harvest begins in September, farmers urgently need the China market. Netflix sank 1.6% and Google's parent company Alphabet lost 0.7%.

Lyft's stock has now slumped 26.5% since its market debut on March 29. The report comes just days before the hotly anticipated IPO of Lyft's much larger rival, Uber. Analysts expected a gain.

NOT SO SLICK: Marathon Petroleum slid 6.8% after the oil refiner reported a surprise first quarter loss and announced the merger of two of its operations for $9 billion. The euro rose to $1.1200 from $1.1193.

Chipmaker shares were also pressured by an underwhelming profit growth forecast from Intel Corp. It launched several new games during the quarter, including "Apex Legends" as it competes with hit games like "Fortnite" from rival Epic Games.

Energy futures finished higher.

Trump, who has adopted protectionist policies as part of his "America First" agenda aimed at rebalancing global trade and boosting USA manufacturing, accused Beijing of reneging on commitments made during months of negotiations. Brent crude, the worldwide standard, lost 49 cents to $69.88. Natural gas rose 2.9% to $2.61 per 1,000 cubic feet.

At 11:47 GMT, June Comex gold futures are trading $1286.70, up $1.60 or +0.12%.