Friday's early trade: Wall Street edges lower as bank, chip stocks weigh

Wall Street edged lower on Friday, weighed down by bank and chip shares as well as a handful of tepid earnings reports, although losses were capped by gains in industrial stocks on signs of progress in Sino-US trade talks.
China denied it had offered a package to slash the US trade deficit by up to $200 billion, but dropped an anti-dumping probe into US sorghum imports in a conciliatory gesture as top negotiators meet in Washington. A Chinese foreign ministry spokesman said the consultations were "constructive" as the world's two biggest economies are seeking to bridge a divide on trade issues.
The industrial sector jumped 0.53 percent, the most among the 11 major S&P sectors. Boeing, which sells about a quarter of its commercial aircraft to Chinese customers, rose 2.03 percent.
Also helping the industrials sector was Deere, which jumped 6.3 percent after the tractor maker raised its full-year earnings estimate. Applied Materials dropped 8 percent after the chip gear maker's disappointing forecast renewed concerns over slowing smartphone demand.
The warning dragged down Philadelphia chipmaker index by 1 percent. Intel dropped 1.6 percent, and along with Applied Materials weighed the most on the S&P and the Nasdaq. The financial sector dropped 0.79 percent, with traders citing a combination of a slight pullback in Treasury yields after a four-day rally and the uncertainty around trade talks, despite the progress being signaled.
JPMorgan, Citigroup and Bank of America fell between 1.2 percent and 2.2 percent. At 12:57 am EDT the Dow Jones Industrial Average was up 7.52 points, or 0.03 percent, at 24,721.50, kept afloat by Boeing and other industrial stocks. The S&P 500 was down 5.99 points, or 0.22 percent, at 2,714.14 and the Nasdaq Composite was down 17.37 points, or 0.24 percent, at 7,365.11.