The New York stock market started slightly higher ahead of the weekend trade negotiations between the United States and China but reversed to decline.
As of 10:40 a.m. on the 9th (Eastern Time), the Dow Jones Industrial Average, part of the Urangju group on the New York Stock Exchange (NYSE), recorded a decrease of 126.39 points (0.31%) from the previous session, settling at 40,242.06. The Standard & Poor's (S&P) 500 index also traded down 16.48 points (0.29%) at 5,647.46. The tech-focused Nasdaq Composite Index recorded a decrease of 66.39 points (0.37%), settling at 17,861.75.
Investor sentiment is wavering ahead of the U.S.-China trade negotiations. The two countries will hold senior-level trade talks in Switzerland this weekend. This marks the first meeting since President Donald Trump imposed a 145% tariff on China, which responded with a 125% retaliatory tariff.
Some local media outlets in the U.S. have projected that the country may push for a reduction in tariffs against China through trade negotiations. In fact, President Trump posted on his social media that imposing an 80% tariff on Chinese goods seems "appropriate." He referred to Scott Bezan, U.S. Secretary of the Treasury, saying, "It depends on Scott B." However, there are also expectations that visible results may be difficult to achieve in this initial negotiation.
Among the 'Magnificent 7' referring to seven giant tech companies, Tesla is showing a 6% increase. The others are fluctuating in a stable range.
Europe is showing strength, excluding the United Kingdom. The Euro Stoxx 50 index rose 0.35% compared to the previous session, while the German DAX index increased by 0.53%. However, the UK FTSE index, which finished trade negotiations with the U.S., only managed a 0.18% increase.
International oil prices are on the rise. The price of West Texas Intermediate (WTI) crude oil for June delivery rose 0.95% from the previous session, recording $60.48 per BARREL. The price of Brent crude for July delivery is $63.39, up 0.88% from the previous session.