US stocks open lower ahead of Trump's press conference about China

US stocks opened lower on Friday, as investors await President Donald Trump's press conference to talk about the latest Chinese issues.

Analysts fear President Trump escalation against China, which would ignite a new trade war between the world's two largest economies.

This came after the Trump administration accused China for mishandling the coronavirus outbreak and causing a global pandemic, and criticized Beijing for the new national security law in Hong Kong.

Otherwise, data showed yesterday the US GDP shrank by 5% during the first quarter of this year.

While the personal spending reading today showed a drop by 13.6% in April, lower than forecasts of -6.9%.

As for stocks, Dow Jones fell 0.4% or 115 points to 25,286 as of 14:19 GMT, Nasdaq fell 0.1% or 7 points to 9,361, and S&P 500 fell 0.3% or 9 points to 3,020.