Morning Report 22 May 20: US stocks ease as trade tensions re-surface

US sharemarkets closed lower on Thursday as US China tensions escalated. President Trump said the US would respond if China curtails protests and democratic movements in Hong Kong. And Reuters reported that a Chinese official said the country would not flinch from any escalation in tensions. In company news, Best Buy shares fell 4.4% after the electronics retailer reported a 5.3% drop in quarterly same-store sales due to the virus. At the close of trade, the Dow Jones index fell by 102 points or 0.4%. The S&P500 index was lower by 0.8%. The Nasdaq index fell by 91 points or 1% with Netflix down 2.6%.

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