Investing.com - Wall Street opened lower on Friday, as concerns over trade and disappointing earnings guidance dampened market sentiment.
The S&P 500 fell 13 points, or 0.49%, to 2,716.74 as of 9:35 AM ET (14:35 GMT), while the Dow dipped 102 points, or 0.41%, to 25,186.45 and the tech-heavy Nasdaq Composite was down 68 points, or 0.95%, to 7,190.18.
Chipmaker and broader technology stocks were under pressure, after Nvidia (NASDAQ:NVDA) forecast a fall in chip sales for the holiday quarter as demand for Apple (NASDAQ:AAPL) products waned. Shares of Nvidia plunged 19%, while Apple dipped 0.76% and Advanced Micro Devices (NASDAQ:AMD) fell 7%.
Amazon.com (NASDAQ:AMZN) fell 2.52%, while Facebook (NASDAQ:FB) decreased 3.42% on growing concerns over how the social media network manages community standards and posts.
Hopes of a trade deal between the U.S. and China receded after a White House official told Reuters on Thursday that China’s written response to U.S. demands for trade reform are unlikely to lead to a deal. U.S. President Donald Trump and Chinese President Xi Jinping are expected to talk about trade disagreements at the G20 summit later this month.
Elsewhere, BlackBerry (NYSE:BB) rose 1.64% on news that it is acquiring artificial intelligence and cybersecurity company Cylance in a $1.4 billion cash deal. Pacific Gas & Electric (NYSE:PCG) jumped 37% after a report that the California Public Utilities Commission does not want the the company to go into bankruptcy should it be found responsible for the wildfire in northern California.
In commodities, gold futures rose 2.17% to $1,225.20 a troy ounce, while crude oil surged 1.75% to $57.45 a barrel on news that OPEC could curb its production output. The U.S. dollar index, which measures the greenback against a basket of six major currencies, decreased 0.53% to 96.28.