U.S. stocks ended lower on Friday.
The Dow Jones Industrial Average fell 878.82 points, or 1.9 percent, to 45,479.6. The Standard and Poor's 500 sank 182.6 points, or 2.71 percent, to 6,552.51. The Nasdaq Composite Index shed 820.2 points, or 3.56 percent, to close at 22,204.43.
Ten of the 11 primary Standard and Poor's 500 sectors ended lower, with technology and consumer discretionary leading the laggards by dropping 3.97 percent and 3.29 percent, respectively. Meanwhile, consumer staples bucked the trend by going up 0.25 percent.
U.S. consumer sentiment remained broadly unchanged in early October despite the ongoing federal government shutdown, concerns about the labor market and persistent inflation, according to a University of Michigan (UM) survey released Friday.
"Pocketbook issues like high prices and weakening job prospects remain at the forefront of consumers' minds," said Joanne Hsu, director of the UM's monthly Surveys of Consumers. "Meanwhile, interviews reveal little evidence that the ongoing federal government shutdown has moved consumers' views of the economy thus far."
U.S. stocks close lower
Canadian Prime Minister Mark Carney's official visit to China signals a policy shift towards building a more pragmatic relationship between the two countries, according to a Canadian researcher.
Carney arrived in Beijing on Wednesday to begin an official visit to China through Saturday, which marks the first trip by a Canadian Prime Minister to the country in eight years.
Robert Hanlon, director and principal investigator of Canada and the Asia Pacific Policy Project (CAPPP) at Thompson Rivers University in British Columbia, told the China Global Television Network (CGTN) that Carney's visit indicates Canada is recalibrating its strategic perception of China, which could cement the foundation for the country's economic diversification efforts and boost the development of bilateral cooperation.
"I think it's a clear message that he has moved Canada's strategy to a much more pragmatic, interest-based, -focused relationship with our trading partners, moving away from values-based narratives that we might have heard on previous governments. Canada has spoken about moving from what the Prime Minister's Office is calling "from reliance to resilience", and that means diversifying our economies and our trade everywhere in the world. And so China being our second largest trading partner, it makes perfect sense for our PM to head to Beijing," he said.
The scholar also noted the huge cooperation potential between the two sides in economic and trade fields, citing Canada's efforts to step up shipments of liquefied natural gas (LNG) and the planned construction of an oil pipeline in Alberta which aims to increase export access to Asian markets. "Canada and China both share tremendous economic opportunities together and so finding ways to enhance our exports. Canada specifically looking to build out its LNG and oil, kind of export market. We know Canada is a major producer of critical minerals and China is a buyer. And so there's a lot of synergy between that kind of those kind of markets," he said.
Canadian PM's visit to China paves way for more pragmatic trade ties: scholar
