Dow Jones curbs losses but posts weekly loss

US stocks fell today on the ongoing escalation of the trade war, but curbed their losses as energy sector rebounded on the rise of oil prices. 

President Trump stated that the US is not ready for a trade deal with China yet, which only wanted to waste time, and that American companies will not deal with Huawei.

Trump added that he's not happy with dollar's strength which harms American manufacturers and exports.

Trump also called for US Fed to cut interest rates by 100-bp (1%) before the end of this year to support the economy.

Data showed today that the US producer price index rose by 0.2% in July.

Meanwhile in oil market, WTI rose by 3.7% to close at $54.50 per barrel, notching a weekly loss of 2.2%, with an intraday high of $54.9 and a low of $52.3.

Brent rose 2% to close at $58.53 per barrel, hitting a weekly loss of 5.4%, with a high of $59.1 and a low of $57.1.

At the close of the session, Dow Jones fell by 0.3% (equivalent to 90 points) to close at 26,287 points, posting a weekly loss of 0.8%, with a high of 26,413 and a low of 26097.

Nasdaq fell by 1% (80 points) to 7,959 points, hitting a weekly loss of 0.6%, with a high of 8,020 and a low of 7,910.

S&P 500 fell by 0.6% (19 points) to 2,918 points, with a weekly loss of 0.5%, a high of 2,935 and a low of 2,900 points.