Markets Right Now: Trade war escalation sends stocks lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
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%.