US STOCKS-Wall St falls after China's tough talk on trade
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* Pinterest plummets after 2019 revenue forecast disappoints
* Trade war will only make us stronger - China newspaper
* Under Armour gains after JPM upgrades to "overweight"
* Indexes down: Dow 0.35%, S&P 0.40%, Nasdaq 0.47% (Updates to open)
By Amy Caren Daniel
May 17 (Reuters) - U.S. stocks slipped on Friday, afterthree straight sessions of gains, as trade tensions were renewedafter Chinese media took a hardline approach to the tariffdispute between the United States and China.
The trade war will only make China stronger and will neverbring the country to its knees, the ruling Communist Party'sPeople's Daily wrote in a front-page commentary. urn:newsml:reuters.com:*:nL4N22T0MJ
Beijing's higher tariffs on U.S. products on a $60 billiontarget list will take effect on June 1, which could promptWashington to go ahead with tariffs on a further $300 billionworth of Chinese goods. urn:newsml:reuters.com:*:nL2N22P0A6
The two sides are expected to meet in China to resume talkssoon.
"Mounting trade worries and geopolitical tensions areweighing on investors nerves," said Peter Cardillo, chief marketeconomist at Spartan Capital Securities in New York.
"The trade war tensions are overcoming the positive inmarkets so investors are skeptical and markets are caught in atrading range."
The escalating tensions between the world's two largesteconomies led farm equipment maker Deere & CoDE.N to cut itsfull-year forecast, sending its shares down 4.3%.
The drop in shares of Deere, as well as Caterpillar IncCAT.N and 3M CoMMM.N pressured the tariff-sensitiveindustrial sector .SPLRCI , which was trading 0.7% lower.
Technology companies including iPhone maker Apple IncAAPL.O and chipmakers, which rely on China for a large portionof their revenue, were also hit by trade fears.
Apple IncAAPL.O fell nearly 1.2% also weighed down byNomura Instinet's price target cut on its stock, citingheadwinds from the tariff war.
The Philadelphia chip index .SOX slipped 0.2%, while thebroader technology sector .SPLRCT fell 0.4%, weighing the moston the S&P 500.
All three major indexes have posted gains three days in arow this week as upbeat quarterly results and a batch of strongeconomic data helped ease worries of a global economic slowdown.
The S&P 500 index .SPX is now about 3% away from itsrecord high hit earlier this month.
At 9:42 a.m. ET, the Dow Jones Industrial Average .DJI wasdown 90.51 points, or 0.35%, at 25,772.17, the S&P 500 .SPX was down 11.56 points, or 0.40%, at 2,864.76 and the NasdaqComposite .IXIC was down 36.74 points, or 0.47%, at 7,861.31.
Among stocks, Applied Materials IncAMAT.O gained 4.9%,the most among S&P companies, after the chip gear maker's upbeatthird-quarter profit eased concerns about waning chip demand. urn:newsml:reuters.com:*:nL4N22S4BW
Under Armour IncUAA.N rose 4.6% after JP Morgan upgradedthe sports wear maker to "overweight" from "neutral".
Online scrapbook company Pinterest IncPINS.N slumped13.7% after the recent Wall Street debutant forecast 2019revenue broadly in line with Wall Street targets. urn:newsml:reuters.com:*:nL4N22S4C1
Also on investors radar is the debut of Luckin Coffee IncLK.O , the Chinese challenger to Starbucks CorpSBUX.O . urn:newsml:reuters.com:*:nL2N22S222
Declining issues outnumbered advancers for a 3.56-to-1 ratioon the NYSE and a 2.63-to-1 ratio on the Nasdaq.
The S&P index recorded three new 52-week highs and five newlows, while the Nasdaq recorded 14 new highs and 39 new lows. (Reporting by Amy Caren Daniel and Sruthi Shankar in Bengaluru;Editing by Shounak Dasgupta) ((Amy.CarenDaniel@thomsonreuters.com ; within U.S.+1-646-223-8780; outside U.S. +91 80 6749 9250 ; ReutersMessaging: Amy.CarenDaniel.firstname.lastname@example.org;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc.