Stocks fell on Friday after President Donald Trump threw cold water on recent U.S.-China trade optimism by saying he has not agreed to roll back existing tariffs.
The Dow Jones Industrials eased back from its Thursday record close by 52.97 points to open Friday at 27,621.83,
The S&P 500 slipped 4.69 points to 3,080.49
The NASDAQ dropped 7.92 points, to 8,427.18
Entering Friday's session, the Dow is up 1.2% week to date. The S&P 500 and NASDAQ Composite are both up 0.6% for the week through Thursday's close. It would be the third straight week of gains for the Dow while the S&P 500 headed for its fifth straight weekly gain. The NASDAQ was on pace for a six-week winning streak.
A spokesperson for the Chinese Commerce Ministry said Thursday that China and the U.S. had agreed to cancel existing tariffs in phases. A U.S. official also said reportedly both sides agreed to roll back the levies in tranches.
Sentiment was also boosted this week by corporate earnings results that have generally beaten expectations. Of the 425 S&P 500 companies that have reported thus far, 74% have beaten estimates
Most recently, Disney posted better-than-forecast quarterly numbers, sending the stock up about 4%.
Disney's revenues for its media and networks segment topped estimates, while sales for the company's parks, studio entertainment and direct-to-consumer businesses also beat expectations. The stock also got a lift from increasing enthusiasm around next week's launch of Disney+.
Prices for the benchmark 10-year U.S. Treasury inched up, lowering yields to 1.91% from Thursday's 1.92%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.22 to $55.93 U.S. a barrel.
Gold prices fell $1.30 to $1,465.10 U.S. an ounce.