(MENAFN - Baystreet.ca)
Stocks pulled back on Wednesday as trade worries increased while declines in Qualcomm and retailer shares also dampened market sentiment.
The Dow Jones Industrials were down 62.49 points to open Wednesday at 25,814.84, as Apple lagged.
The S&P 500 decreased 6.34 points to 2,858.02, with the tech sector sliding 0.4%.
The NASDAQ Composite dropped 17.65 points to 7,768.07.
Qualcomm shares fell 9.5% after a U.S. judge ruled the chipmaker violated antitrust law by unlawfully suppressing competition in the cellphone chip space.
Shares of Qualcomm have been under pressure all month, falling 9.7% through Tuesday's close.
Retailers were also under pressure after the release of quarterly results from companies in the sector. Lowe's fell more than 8% on weaker-than-expected earnings. Nordstrom, meanwhile, dropped 7.9% as its quarterly earnings and revenue missed expectations.
Target was the bright spot among retailers. The company's stock rose more than 8% as its earnings and revenue topped analyst expectations. Same-store sales, a key metric for retailers, also surpassed estimates.
Investors also looked ahead to the release of the U.S. central bank's meeting minutes. The Federal Reserve is expected to provide insights into the May 1 meeting, when policymakers left interest rates unchanged and signaled little appetite to adjust them any time soon.
Treasury Secretary Steven Mnuchin told reporters that a trip to Beijing to retake trade negotiations has not been scheduled yet. This lowered hope of a speedy resolution to the U.S.-China trade war.
President Donald Trump followed through with his threat to increase tariffs on $200 billion in Chinese goods from 10% to 25% earlier this month. China immediately responded by upping the tariffs on $60 billion of U.S. goods to as high as 25%.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 2.4% from Tuesday's 2.43%. Treasury prices and yields move in opposite directions.
Oil prices docked 56 cents to $62.57 U.S. a barrel.
Gold prices picked up 40 cents to $1,273.60 U.S. an ounce.