Stocks open slightly lower on Wall Street as gridlock continues in Congress over extending economic relief to millions of Americans who lost their jobs during the pandemic.
A currency trader smiles at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 7, 2020. Asian shares were mostly lower Friday in lackluster trading, as the region weighed continuing trade tensions over China and optimism about more fiscal stimulus for the ailing U.S. economy.
Markets around the world got a small boost before trading began on U.S. stock markets when a report showed that the U.S. job market strengthened more last month than economists expected. But the bump for U.S. Treasury yields and European stocks proved short-lived.It’s a busy day for markets, with investors also focused on Capitol Hill, where Congress and White House officials have been negotiating on a hoped-for deal on more aid for the economy.
Much of the market’s focus was also on moves Trump did make Thursday night: He ordered a sweeping but vague ban on dealings with the Chinese owners of popular social media apps TikTok and WeChat on security grounds.Tensions between the world’s two largest economies have been escalating for years, highlighted by the U.S.-China trade war that seemed to have reached at least a temporary truce early this year.
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