Wall Street slides as U.S.-China trade war escalates


By Amy Caren Daniel

(Reuters) - U.S stocks slid on Wednesday amid a broad selloff on escalating trade war tensions after the United States threatened to impose tariffs on an additional $200 billion worth of Chinese goods.

Washington on Tuesday issued a list of thousands of Chinese imports that the Trump administration wants to target with new tariffs. In response, China accused the United States of bullying and warned it would hit back.

"Unfortunately the markets haven't come to grips with the current levels of trade policies and tariffs," said Art Hogan, chief market strategist at B. Riley FBR in New York

"Concerns over trade and trade wars are really having an adverse effect, less so on the U.S. markets than the international markets, but it is certainly taking a bite."

Adding to tensions was the NATO summit in Brussels, where President Donald Trump accused Germany of being a "captive" of Russia. He also wants Europeans to pay more for their own defense.

At 10:04 a.m. EDT the Dow Jones Industrial Average was down 141.78 points, or 0.57 percent, at 24,777.88, the S&P 500 was down 11.70 points, or 0.42 percent, at 2,782.14 and the Nasdaq Composite was down 22.36 points, or 0.29 percent, at 7,736.84.

The biggest drags on the blue-chip Dow were Boeing, 3M, Caterpillar and United Technologies. Their shares were down between 1.2 percent and 2 percent.

Ten of the 11 major sectors were lower. The S&P industrials sector tumbled 1.22 percent, making it the biggest decliner and drag on the benchmark S&P.

The technology sector slid 0.21 percent. Chipmakers, which largely depend on China for their revenue, weighed the most, with the Philadelphia semiconductor index falling 1.43 percent.

The defensive utilities sector was the only one in the positive territory, with a 0.35 percent gain.

21st Century Fox fell 2.2 percent after the media company raised its offer for Britain's Sky, seeing off rival bidder Comcast for now. Comcast rose 1.5 percent.

Fastenal's shares rose 5.4 percent, the most on the S&P, after the industrial products distributor's Q2 revenue and profit topped estimates.

The next biggest gainer was TripAdvisor, which rose 3.4 percent on a Barclays rating upgrade.

Declining issues outnumbered advancers for a 2.19-to-1 ratio on the NYSE and a 1.40-to-1 ratio on the Nasdaq.

The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 27 new highs and 18 new lows.

(Reporting by Amy Caren Daniel in Bengaluru; Editing by Anil D'Silva)


More Related News

Federal Judge Orders White House to Restore CNN Reporter Jim Acosta
Federal Judge Orders White House to Restore CNN Reporter Jim Acosta's Press Pass

Federal Judge Orders White House to Restore CNN Reporter Jim Acosta's Press Pass

Judge: White House must return CNN
Judge: White House must return CNN's Jim Acosta's credential

A federal judge on Friday ordered the Trump administration to immediately return the White House press credentials of CNN reporter Jim Acosta. U.S. District Court Judge Timothy Kelly, an appointee of President Donald Trump, announced his decision following a hearing in Washington. The judge said Acosta

White House Must Reinstate Jim Acosta
White House Must Reinstate Jim Acosta's Credentials, Judge Rules

WASHINGTON - A federal judge ruled that the Trump administration must at least temporarily reinstate CNN correspondent Jim Acosta's hard pass, delivering a victory to the network and other news organizations. The judge, Trump appointee Timothy J. Kelly, granted CNN's request for a temporary restraining order to restore Acosta's access. Kelly said that CNN was […]

Sanctioning Iran Is Risky for America
Sanctioning Iran Is Risky for America

A more measured and realistic approach would better serve America and the Iranian people alike.

China Outlines Possible Trade Concessions to U.S. Before G20, Sources Say
China Outlines Possible Trade Concessions to U.S. Before G20, Sources Say
  • Tech
  • 2018-11-15 08:09:58Z

The commitments for now fall short of the type of major structural reforms that President Donald Trump has been demanding, two of the people said, cautioning that a long road lies ahead in negotiations. As a result, one of the people said, it raised doubts over how substantive a deal Trump could make

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Economy

Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.