U.S. Stocks Dip as Trade Talks Loom
U.S. stocks lost their earlier gains as traders grew cautious ahead of U.S.-China trade talks. On May 9, major indices saw declines. The Dow Jones fell by nearly 200 points, or 0.48%. The S&P 500 dropped 0.24%, and the tech-heavy Nasdaq decreased by 0.19%.
Investors are closely watching the trade negotiations. President Trump hinted at lowering tariffs on Chinese goods to 80%, a decision he said would be made by Treasury Secretary Scott Bessent. This is lower than the previous 145% tariff. Trump’s statement on Truth Social suggests a softer stance before the talks.
China had imposed a 125% tariff on U.S. goods in retaliation. The upcoming talks could ease these tariffs and stabilize the markets.
Among tech stocks, Palantir was a significant loser, down 2.23%. Its shares fell 12% on tuesday due to disappointing quarterly earnings.Strategy, a Bitcoin investment firm, also saw a 1.78% drop,despite bitcoin’s 1.23% rise over 24 hours.
With stocks faltering, gold became a safe haven. It gained 1.16%, reaching $3,344 per ounce.Traders are increasing their gold exposure amid market uncertainty.
