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Stocks - Wall Street Slips as U.S. Consumer Wobbles; Trump's China Speech Eyed

Stock MarketsMay 29, 2020 02:27PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – Wall Street eased from session lows on Friday as investors digested data showing consumer confidence suffered its biggest drop ever and awaited President Donald Trump's speech on China.

The Dow Jones Industrial Average fell 0.48%, or 121 points, the S&P 500 slipped 0.17%, while the Nasdaq Composite was up 0.51%.

The consumer, the backbone of the economy, reined in spending like never before in April, as shuttered businesses limited consumer opportunities to spend.

Consumer spending fell 13.6% to in April, the steepest since records began, the Commerce Department reported Friday. But some are optimistic the reopening of the economy will trigger a rebound in the coming months as personal savings surged by a record 33%.

"The savings cushion will provide much-needed support for consumer spending as the economy begins to reopen," Jefferies (NYSE:JEF) said in a note.

Rising U.S.-China tensions kept investors on edge ahead of an eagerly awaited speech from Trump at 2:00 PM ET (18:00 GMT). The president is expected to rebuke China over its human rights violations and its recent power grab in Hong Kong, with many fearing fresh sanctions on Beijing.

Monetary policy was also in focus as Federal Reserve Jerome Powell confirmed that the central bank is just days away from rolling out its Main Street lending facility. Powell also reiterated the negative interest rates are not in the Fed's toolbox as the evidence over its efficacy remains “ambiguous."

In tech, meanwhile, Twitter (NYSE:TWTR) remained in focus, down 2.8% after Trump signed an executive order late Thursday that aimed to weaker the legal protections for social media platforms.

Stocks - Wall Street Slips as U.S. Consumer Wobbles; Trump's China Speech Eyed
 

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Comments (16)
Rakesh Panchal
Rakesh Panchal May 30, 2020 11:06AM ET
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Trump need to call back there industry giants to come back from china stop them to do the business like Tesla, Boeing both has big production factoriesthwn walmart, Allegen laboratories,best buy, starbucks, GE there is long list
Habanero Peppers
Habanero Peppers May 29, 2020 3:58PM ET
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Winning Analysis = Stonks
Habanero Peppers
Habanero Peppers May 29, 2020 3:57PM ET
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Sounds Bullish. Stonks.
In Vesting
In Vesting May 29, 2020 3:57PM ET
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Sounds Bull^hitish
F.M. Lakhani
F.M. Lakhani May 29, 2020 3:06PM ET
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Mark my words . Trump will not fire all bullets until election is over . His priority is second term not Americans.
Thom Miller
Thom Miller May 29, 2020 3:05PM ET
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Over the past 4 months with long delays and botched policies related to Covid-19, Trump and Pence have looted millions of US homes. In the process they stole billions and billions of dollars, stripped families of their bread-winners, destroyed the US economy, and took over 100,000 American lives. OK. When looting starts.....game on!
James Marshall
James Marshall May 29, 2020 3:02PM ET
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Trump 4040
Kadafi Paulus
Kadafi Paulus May 29, 2020 2:51PM ET
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Will gold rise or fall
Etienne Schoen
Etienne Schoen May 29, 2020 2:51PM ET
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Fall, without sny doubt FED computer program doesn't like signs of weakness and consequently sell whatever it takes to have a price below or close to 1700 ...
David David
David9 May 29, 2020 2:42PM ET
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We are going to head into depression era...in the next couple of months, lots more unemployment will be announced. Right now, many companies cannot trim the workforce because of the PPP loans. In a couple of months, they will e able to cut, and that is when we will see a lot more. If Trump goes pulling at the China Lion's tail, she will Roar and markets will collapse back down.
Etienne Schoen
Etienne Schoen May 29, 2020 2:40PM ET
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Go Rally Go ... We trust in all effort of FED computing systems!!! 1h20m and we are still red ... pleeeeease give me the bet!
Etienne Schoen
Etienne Schoen May 29, 2020 2:40PM ET
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we are green, hurrrrreeeeeyyy ....
Etienne Schoen
Etienne Schoen May 29, 2020 2:40PM ET
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look at all these great upward snaps. What nice pictures, it such an easy "market". Ole oleee ....
Etienne Schoen
Etienne Schoen May 29, 2020 2:40PM ET
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how inaccurat that FED compting works! 7 points bewol 25.4k ... come on ... met's work on such a "hugh" inaccurancy!
Michael Davis
Michael Davis May 29, 2020 2:35PM ET
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All banks are reporting record deposits in savings, that is where billions of dollars of market liquidity fled to in the sell off, it is still waiting for the real crash after the fomo's are bled dry in this phony rally, hedge funds, and the prudent are waiting. No spending on consumer goods will happen with that cash.
Etienne Schoen
Etienne Schoen May 29, 2020 2:29PM ET
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It is of utmost need to turn the FED computer ON again! Hurry ... we want a green finish, since it was an easy "bet"!
Joe Ramella
Joe Ramella May 29, 2020 2:20PM ET
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I dont know anybody who was/is not working who has been able to save money, let alone have a cusion. What a bunch of bs.
Sun Moon
Sun Moon May 29, 2020 2:02PM ET
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"consumer confidence suffered its biggest drop ever" "Consumer spending fell 13.6% to in April", Gee, gosh, golly - is there any particular REASON that would have happened?  I mean, has there been some sort of THING going on that might affect consumer confidence?   I know there's been some stuff in the news lately about some sort of illness or something, somehow related to mask wearing, maybe, but I can't imagine that would have any effect on consumer confidence?  Would it?   I wish the news would EXPLAIN some of these questions that I have!
Clif McWhorter
Clif McWhorter May 29, 2020 2:00PM ET
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House of cards
Mart Bab
Rubberduck1973 May 29, 2020 2:00PM ET
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Indeed
Ronald Warren
Ronald Warren May 29, 2020 1:54PM ET
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Consumer spending will rebound!! Oops! Forgot about the 50 million unemployed.
Maff Uw
Maff Uw May 29, 2020 1:33PM ET
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typo last sentence
Mike Dough
Mike Dough May 29, 2020 1:33PM ET
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Week en d
 
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