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| Dow suffers biggest fall since January as trade war fears mount - as it happened | |
| (32 minutes later) | |
| Trade war fears are particularly toxic for industrial and technology stocks. | |
| Boeing ended the day down 3.8%, United Technologies lost 3.4%, Apple fell by 2.7% and Home Depot dropped by 2.4%. | |
| As AP puts it: | |
| Technology and industrial stocks, which do a lot of business with China and would stand to suffer greatly in a protracted trade war, led the way lower on Tuesday. | |
| That’s all for today! Thanks for reading and commenting. GW | |
| Wall Street did attempt a late rally, but as the closing bell rings out we’re looking at some chunky losses. | Wall Street did attempt a late rally, but as the closing bell rings out we’re looking at some chunky losses. |
| The Dow ended the day down 473 points, of almost 1.8%, dragged down by trade war anxiety. That’s its biggest one-day drop since 3rd January, according to Reuters. | The Dow ended the day down 473 points, of almost 1.8%, dragged down by trade war anxiety. That’s its biggest one-day drop since 3rd January, according to Reuters. |
| The S&P 500 had an equally bad day, down 1.65%, while the Nasdaq ended down 2% - that’s the Nasdaq’s worst day since March 22nd. | The S&P 500 had an equally bad day, down 1.65%, while the Nasdaq ended down 2% - that’s the Nasdaq’s worst day since March 22nd. |
| AT THE CLOSE:- Dow down 1.78% - Nasdaq down 1.96% - S&P down 1.65% - Where do we head from here? We're turning our attention to earnings from $LYFT and #StockoftheDay $EA pic.twitter.com/XXZ8B6KtMr | AT THE CLOSE:- Dow down 1.78% - Nasdaq down 1.96% - S&P down 1.65% - Where do we head from here? We're turning our attention to earnings from $LYFT and #StockoftheDay $EA pic.twitter.com/XXZ8B6KtMr |
| This rout piles a lot of pressure on the talks due to take place between US and Chinese officials in Washington later this week. If there’s not significant progress, surely Donald Trump will carry out his threat to hike tariffs on $200bn of exports. | This rout piles a lot of pressure on the talks due to take place between US and Chinese officials in Washington later this week. If there’s not significant progress, surely Donald Trump will carry out his threat to hike tariffs on $200bn of exports. |
| #NASDAQ closes almost 2% lower, S&P 500 Index down 1.7%, as #trade jitters send stocks lower. #China trade delegation scheduled to arrive in US tomorrow. pic.twitter.com/oHl8XyKgP0 | #NASDAQ closes almost 2% lower, S&P 500 Index down 1.7%, as #trade jitters send stocks lower. #China trade delegation scheduled to arrive in US tomorrow. pic.twitter.com/oHl8XyKgP0 |
| Jason Brooks of KCBS Radio suspects the White House may try to talk the markets round tomorrow... | Jason Brooks of KCBS Radio suspects the White House may try to talk the markets round tomorrow... |
| Yikes...#DOW -639, in line for one of the 20th biggest drops ever, although the 2.5% decline doesn't even sniff the top 20 for single day percentage drops. Still....not pretty. We'll see if the WH trots out #Mnuchin tomorrow to talks up trade hopes. | Yikes...#DOW -639, in line for one of the 20th biggest drops ever, although the 2.5% decline doesn't even sniff the top 20 for single day percentage drops. Still....not pretty. We'll see if the WH trots out #Mnuchin tomorrow to talks up trade hopes. |
| Wall Street is running out of time for a late recovery..... | Wall Street is running out of time for a late recovery..... |
| U.S. equities now climbing a bit from the day's low: pic.twitter.com/Cd4tWdTQT0 | U.S. equities now climbing a bit from the day's low: pic.twitter.com/Cd4tWdTQT0 |
| Ouch! The Dow is touching new lows, now down 641 points (-2.4%) at 25,796. | Ouch! The Dow is touching new lows, now down 641 points (-2.4%) at 25,796. |
| CNN’s Anneken Tappe says the Dow is having a “terrible day” - and it’s hard to argue. | CNN’s Anneken Tappe says the Dow is having a “terrible day” - and it’s hard to argue. |
| She writes: | She writes: |
| It’s down some 600 points, falling below 26,000 points — its worst day since January 3, when Apple warned it would miss its earnings forecast because of weak iPhone sales in China. | It’s down some 600 points, falling below 26,000 points — its worst day since January 3, when Apple warned it would miss its earnings forecast because of weak iPhone sales in China. |
| The S&P 500 (SPX) is down 2.1% and the Nasdaq (COMP) is looking at a 2.4% loss, having fallen below 8,000 points for the first time since April 18. | The S&P 500 (SPX) is down 2.1% and the Nasdaq (COMP) is looking at a 2.4% loss, having fallen below 8,000 points for the first time since April 18. |
| Here's why the Dow Jones dropped 600 points today @CNN https://t.co/Ax4xSQ4mbN | Here's why the Dow Jones dropped 600 points today @CNN https://t.co/Ax4xSQ4mbN |
| Here’s the situation on Wall Street: | Here’s the situation on Wall Street: |
| Dow: down 565 points at 25,872, down 2.1% | Dow: down 565 points at 25,872, down 2.1% |
| S&P 500: down 59 points at 2,872, down 2% | S&P 500: down 59 points at 2,872, down 2% |
| Nasdaq: down 198 points 7,925, down 2.4% | Nasdaq: down 198 points 7,925, down 2.4% |
| A falling tide drags down all boats. | A falling tide drags down all boats. |
| Each of the 30 stocks on the Dow is in the red as the final hour of trading rumbles on. Verizon is the ‘top mover’, only down 0.75%, while Boeing is the worst-performing stock, down over 4%. | Each of the 30 stocks on the Dow is in the red as the final hour of trading rumbles on. Verizon is the ‘top mover’, only down 0.75%, while Boeing is the worst-performing stock, down over 4%. |
| Most of the S&P 500 have also fallen: | Most of the S&P 500 have also fallen: |
| There's only around 25 stocks in the S&P 500 higher today, with not a single Dow stock in the green. Here's a snapshot of what's working: https://t.co/kUuwYk2P3q pic.twitter.com/QquNvhq04q | There's only around 25 stocks in the S&P 500 higher today, with not a single Dow stock in the green. Here's a snapshot of what's working: https://t.co/kUuwYk2P3q pic.twitter.com/QquNvhq04q |
| It’s looking like a tense day on the New York Stock Exchange..... | It’s looking like a tense day on the New York Stock Exchange..... |
| A handy explanation of what’s going on: | A handy explanation of what’s going on: |
| Why did Trump threaten to raise China tariffs – and what now? | Why did Trump threaten to raise China tariffs – and what now? |
| Yikes! The Dow is now down 600 points, with just over an hour’s trading to go. | Yikes! The Dow is now down 600 points, with just over an hour’s trading to go. |
| That’s a plunge of over 2% today, as traders show mounting concern over the trade war situation. | That’s a plunge of over 2% today, as traders show mounting concern over the trade war situation. |
| Such a sell-off doesn’t suggest much optimism that negotiations with China’s Liu He will bear fruit later this week. | Such a sell-off doesn’t suggest much optimism that negotiations with China’s Liu He will bear fruit later this week. |
| Marketwatch have a good reminder of why trade tensions at soaring, for anyone trying to catch up with today’s drama: | Marketwatch have a good reminder of why trade tensions at soaring, for anyone trying to catch up with today’s drama: |
| U.S. Trade Representative Robert Lighthizer said Monday that the Trump administration will increase tariffs on $200 billion in Chinese goods early Friday. The prospect of higher tariffs had been first raised on Sunday by President Donald Trump, rattling investors who had anticipated that better progress toward a near-term resolution between the two superpowers. | U.S. Trade Representative Robert Lighthizer said Monday that the Trump administration will increase tariffs on $200 billion in Chinese goods early Friday. The prospect of higher tariffs had been first raised on Sunday by President Donald Trump, rattling investors who had anticipated that better progress toward a near-term resolution between the two superpowers. |
| In a briefing, Treasury Secretary Steven Mnuchin, along with Lighthizer, told reporters that the U.S. administration was made aware over the weekend that China was trying to back away from “some of the language” that had been hammered out in prior talks. | In a briefing, Treasury Secretary Steven Mnuchin, along with Lighthizer, told reporters that the U.S. administration was made aware over the weekend that China was trying to back away from “some of the language” that had been hammered out in prior talks. |
| U.S. officials said that tariffs on those Chinese goods will rise from 10% to 20% at 12:01 a.m. Eastern time Friday, and markets will likely be monitoring China for further reaction. | U.S. officials said that tariffs on those Chinese goods will rise from 10% to 20% at 12:01 a.m. Eastern time Friday, and markets will likely be monitoring China for further reaction. |