The Dow and S&P 500 edged lower on Friday following a low-key session as markets awaited weekend US-China trade talks.

US President Donald Trump said an 80 percent tariff on China "seems right" in a post on social media. The world's two biggest economies have imposed triple-digit levies on each other in recent weeks.

Representatives from the two countries are scheduled to meet in Switzerland this weekend. Analysts do not expect a breakthrough but are hoping for a de-escalation in the trade war.

The Dow Jones finished down 0.3 percent at 41,249.

The S&P 500 dipped 0.1 percent to 5,659, while the Nasdaq was flat at 17,928.

Stocks avoided major swings on Friday on a day with no major economic releases.

"If ever there was a wait-and-see Friday, this is it," said Art Hogan of B Riley Wealth Management. "It's all about our perceptions of how the trade war is going."

Among individual companies, Lyft shot up more than 28 percent as it announced a new US$750 million share repurchase programme after reporting mixed earnings.

But Expedia dropped 7.3 percent as it flagged "weaker than expected" travel demand in the United States, adding to worries about the company's outlook. (AFP)