US stocks opened lower on Friday after weak housing starts data.
At the opening bell, the Dow Jones Industrial Average fell 34.2 points, or 0.08%, to 40528.86. The S&P 500 fell 12.7 points, or 0.23%, to 5530.5, while the Nasdaq Composite dropped 78.1 points, or 0.44%, to 17516.404.
Oil prices tumbled by more than $2 on Friday on China worries.
Brent crude futures were down $1.59, or 2%, at $79.45 per barrel by 1315 GMT, while US West Texas Intermediate crude futures fell $1.71, or 2.2%, to $76.45.
Data on Thursday showed China’s economy lost momentum in July with new home prices falling at the fastest pace in nine years, industrial output slowing and unemployment rising. China’s Premier Li Qiang told a cabinet plenary session on Friday that great efforts must be made to boost the economy and the country will focus on stimulating consumption, state media reported.
Gold prices rose to an all-time high on Friday on a weaker US dollar, growing expectations for a interest rate cut in September.
Spot gold was up 1.3% to $2,487.66 per ounce by 09:30 a.m. EDT (1330 GMT). US gold futures rose 1.4% to $2,526.40.
Silver fell 0.2% to $28.32 per ounce.