Markets Right Now: Trade war escalation sends stocks lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are falling sharply on Wall Street after President Donald Trump said he would respond to China’s latest tariff increase and called on U.S. companies to consider alternatives to doing business in China.
Trump on Friday also ordered UPS, Federal Express and Amazon to block any deliveries from China of the powerful opiod drug fentanyl.
The Dow Jones Industrial Average sank more than 300 points after the president made the announcements on Twitter.
The stocks of all three companies the president mentioned also dropped as traders tried to understand what the implications for them were.
Stocks had been wavering between gains and losses earlier after China said it would retaliate against the latest round of tariffs imposed by Washington with duties on $75 billion of U.S. products.
Stocks are opening lower on Wall Street as traders react to the latest escalation of the trade war between the U.S. and China.
China on Friday said it would retaliate against the latest round of tariffs imposed by Washington with duties on $75 billion of U.S. products.
Technology companies, which have much to lose in the trade battle with China, fell the most. Chipmaker Nvidia lost 2.2%.
Hasbro dropped 5.9% after the toymaker announced a deal to buy the parent company of Peppa Pig for $4 billion.
The S&P 500 fell 13 points, or 0.4%, to 2,909.
The Dow Jones Industrial Average lost 116, or 0.4%, to 26,128. The Nasdaq dropped 43, or 0.6%, to 7,945.
Bond prices rose. The yield on the 10-year Treasury fell to 1.60% from 1.61%.