Stocks pare sharp losses as trade jitters weigh

Stocks pared losses Thursday after dropping sharply amid trade worries. Both the Dow Jones industrial average and the S&P 500 had dipped below their 200-day moving averages at session lows. Treasury yields and the dollar retreated.

Here's the scoreboard:

Dow Jones Industrial Average: 23,930.04 +5.06 (+0.02%)

S&P 500: 2,628.54 −7.13 (-0.27%)

AUD/USD: 0.7531 0.0034 (+0.45%)

ASX 200 SPI futures: 6,084.5 +37.5 (+0.62%)

1. The top economic adviser for Chinese President Xi Jinping met with White House officials in Beijing. But few are betting that any meaningful trade negotiations will be reached anytime soon.
2. The US trade deficit narrowed to $49 billion in March, data from the US Commerce Department showed. That's thanks to a rise in exports of politically-sensitive goods like aircraft and soybeans. Notably, the trade gap with China widened.
3. The number of Americans applying for unemployment benefits fell to a level not seen since 1973 in the week ending April 21, the Labor Department said in a report.
4. Tesla shares sank about 7% after CEO Elon Musk dodged analyst questions in an unusual post-earnings conference call. Shares of the company initially rose on the earnings beat, which showed a smaller quarterly loss than Wall Street expected.
5. Spotify, which went public last month, reported bottom-line results that disappointed. Blue Apron beat analyst expectations. Square was in-line with expectations but gave guidance that didn't impress.

Here is Friday's economic calendar:

• US employment data is out.
• Alibaba and HSBC report earnings.
• The Reserve Bank of Australia's Monetary Policy Statement will be released.

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