Retail sales plunged a record 16.4% in April, as a main component of the U.S. economy contracted amid the pandemic. Follow along with the latest stock market news here:
The Trump administration on Friday took action to prevent shipments ofTechnologies. The Commerce Department said it was changing an export rule to "strategically target Huawei's acquisition of semiconductors that are the direct product of certain U.S. software and technology." The company has for months been in the crosshairs of a broader U.S.-China trade battle and the latest announcement is likely to take a toll on the globe's second-largest smartphone maker.
Friday as investors braced for what's expected to be a grim report on April's retail sales at 8:30 a.m. ET, which will provide a key insight into U.S. household spending in recent weeks. Wall Street is also monitoring U.S.-China relations after the White House took action to block shipments of semiconductors to Huawei from the world's chipmakers.
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