Chevron Corp CVX:NYSE

Last Price$71.83NYSE Previous Close - Last Trade as of 7:00PM ET 9/25/20

Today's Change+0.03(0.04%)
Bid (Size)$71.66 (5)
Ask (Size)$71.83 (2)
Day Low / High$70.77 - 72.48
Volume11.1 M

Stocks Slip in Early Trading Amid US-China Tensions Over Tech While Jobs Beat Caps Losses

10:01AM ET 8/07/2020 MT Newswires
Stocks were lower in early trading on Friday as tensions between the US and China stepped up after the White House's order on WeChat and TikTok while the slide was eased by a better-than-expected jobs report for July.

The Dow Jones Industrial Average was weighed down by losses in its energy components, with Exxon Mobil (XOM) off by 1.8% and Chevron (CVX) 1.6% weaker after oil prices pulled back from a four-day run of gains. West Texas Intermediate fell 1% to $41.52 a barrel while Brent was off by the same amount to $44.61.

On the Standard & Poor's 500, energy shares fell 1.9% to lead the sectors lower, while information technology was down by 0.6% amid jitters in the sector after President Donald Trump issued an executive order late Thursday that banned US transactions with Tencent, the parent of WeChat, and ByteDance, the owner of TikTok, which takes effect in 45 days.

US listings of Chinese tech firms pulled back, with search engine Baidu (BIDU) down 3% and Bilibili (BILI) fell 3.8% Tencent Music Entertainment (TME), the online music branch of Tencent, was 4.4% lower.

Tensions between the US and China over technology and trade issues has roiled markets in the past and sentiment was weaker on Friday, even as the Bureau of Labor Statistics said non-farm payrolls rose 1.76 million in July, slower than the revised June tally of 4.79 million but ahead of the consensus on Econoday for about 1.68 million. The unemployment rate decreased and average hourly earnings unexpectedly rose on a monthly basis.

In company news, Sabre (SABR) was down 5.6% after swinging to a quarterly loss as revenue sank from a year earlier and missed Wall Street's views. DXC Technology (DXC) gained 9.4% after fiscal first-quarter earnings and revenue came in ahead of analysts' expectations.

In morning trading, the Dow was down 0.3% while the S&P 500 and Nasdaq were both 0.1% lower.