NYSE TraderLucas Jackson/Reuters

  • US stocks slipped on Friday ahead of President Donald Trump’s news conference on China. 
  • US consumer spending in April also posted the biggest drop on record as the personal savings rate jumping to a record 33%, from 12.7%. 
  • Oil slumped but is on track for its best month ever. 
  • Read more on Business Insider.

US stocks slipped Friday as concerned traders awaited President Donald Trump’s news conference on China. Consumer-spending data also showed a record drop in April, reflecting the immense economic damage caused by the coronavirus.

The slump extends declines from Thursday, when stocks erased early gains and finished negative after Trump said that he would hold the conference following China’s approval of a national security bill for Hong Kong. 

Here’s where US indexes stood at the 9:30 a.m. ET market open on Friday:

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Tensions between the US and China have come back into the spotlight this week after Beijing moved to impose new national security legislation in Hong Kong. 

On the economic front, US consumer spending posted a record drop in April as the coronavirus pandemic kept businesses closed and people at home. That occurred as the personal savings rate jumped to a record 33%, from 12.7%, as consumers looked to stockpile cash.

Later Friday, Federal Reserve Chairman Jerome Powell will participate in a virtual discussion that could give clues about the central bank’s next policy steps. 

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Oil slumped Friday, but remains on track for its best monthly performance ever. West Texas Intermediate crude fell as much as 4%, to $32.36 per barrel. International benchmark Brent crude declined 3.5%, to $34.06 per barrel. 

Peet’s Coffee raised $2.5 billion in an initial public offering that defied the pandemic, the company announced Friday. The offering, which took only 10 days, is Europe’s largest and the world’s second-largest so far of 2020.

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