(CNBC) Stocks fell on Thursday after President Donald Trump indicated trade talks between the U.S. and China may not be fruitful.

The Dow Jones industrial average closed 54.95 points lower at 24,713.98, with Cisco Systems and Walmart dropping 3.8 percent and 1.9 percent, respectively. The S&P 500 declined 0.1 percent to 2,720.13 as tech declined 0.5 percent. The Nasdaq composite slipped 0.2 percent to 7,382.47 with Amazon, Netflix, Apple and Alphabet all falling.

“Will that be successful? I tend to doubt it,” Trump said Thursday afternoon as the U.S. and China kicked off the second round of trade talks. “The reason I doubt it is because China has become very spoiled. The European Union has become very spoiled. Other countries have become very spoiled, because they always got 100 percent of whatever they wanted from the United States.”

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