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Dow Opens Slightly Lower as U.S.-China Tensions Over TikTok Grow

Published 08/04/2020, 09:37 AM
Updated 08/04/2020, 09:49 AM
© Reuters.

By Christiana Sciaudone

Investing.com --  Markets opened slightly lower on Tuesday as U.S.-China tensions rose. 

China Daily, the state-backed newspaper, said China would not accept the "theft" of the social media platform TikTok, and may retaliate. Microsoft (NASDAQ:MSFT) is looking to buy TikTok with President Donald Trump's approval. Trump said Monday that the U.S. should get a "substantial portion" of any deal.  

The S&P 500 closed Monday within 3% of its all-time high, powered over the past four months by a stimulus-led rebound and a rally in tech-related stocks including Apple Inc (NASDAQ:AAPL), Netflix Inc (NASDAQ:NFLX) and Amazon.com Inc (NASDAQ:AMZN).

At 9:36 a.m. ET, the Dow Jones Industrial Average was down 11 points, or 0.04%, the S&P 500 was down 0.18% and NASDAQ Composite was down 0.09%.

Investors are awaiting signs of progress in another major coronavirus relief package, with Congress set to resume talks on Tuesday to narrow gaping differences.

Quarterly earnings continue to be reported, with about 83% of the 322 companies in the S&P 500 that have reported quarterly results so far have beaten estimates for earnings, according to IBES Refinitiv data.   

Disney reports after the close.

 

Latest comments

The market opened down because stimulus stalemate. If that doesnt pass, market will tank. It has nothing to do with tiktok
interesting
Msft is not the hero here. The reason is msft willing to bend for china example: msft bent when China f msft for windows that use ‘taiwanese’ mandarin.
Blatantly manipulative headline, you rabid liberals will stop at nothing to try to scare the public and tank this economy
Trump is literally involving MSFT in mob tactics and international extortion, but okay.
a couple close minded small GDP red states trying to tell the rest of us what to do. mind your own biz. succeed if you want. no one will miss you
market becomes new Casino, be careful of it
MSFT is really hero, they save Tiktok lives in US. should appreciate what they have done instead of criticism
There is always new social app come along. China should thank msft. Otherwise they loose over 50 billions
The world goes on fine without this # app. Teenagers always try to find their own, hip app.Live gies on.
sounds like an old man. go back to using rotary telephone. leave the rest of us to use new tech old man
xi must take control & end this netflix drama
fake fake and fake , BUllish
It is all stimulus.
It's all drama
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