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| Version 3 | Version 4 |
|---|---|
| Stocks Slide Over Worsening U.S.-China Trade Tensions | Stocks Slide Over Worsening U.S.-China Trade Tensions |
| (about 1 hour later) | |
| Stocks tumbled as tensions between the United States and China continued to weigh on global markets on Thursday. | |
| Investors appeared to be reacting to a growing sense that the trade war between Washington and Beijing would continue indefinitely, and indeed was worsening. The Trump administration has blacklisted the Chinese telecommunications giant Huawei over security concerns, prompting Google and mobile carriers to limit their work with Huawei. | Investors appeared to be reacting to a growing sense that the trade war between Washington and Beijing would continue indefinitely, and indeed was worsening. The Trump administration has blacklisted the Chinese telecommunications giant Huawei over security concerns, prompting Google and mobile carriers to limit their work with Huawei. |
| The Trump administration is preparing to announce a substantial aid package for farmers as early as Thursday, in an effort to cushion the blow as the trade war drags on. | The Trump administration is preparing to announce a substantial aid package for farmers as early as Thursday, in an effort to cushion the blow as the trade war drags on. |
| ■ The S&P 500 was down about 1 percent in early trading, with trade-sensitive stocks falling further. An index of semiconductor makers, for example, fell more than 2 percent. | ■ The S&P 500 was down about 1 percent in early trading, with trade-sensitive stocks falling further. An index of semiconductor makers, for example, fell more than 2 percent. |
| ■ The energy sector led the sell-off, dropping more than 3 percent. Benchmark American crude-oil prices dropped more than 4 percent, amid concern that the ongoing trade fight between China and the United States would weigh on global economic growth and demand for oil. Oil is down more than 6 percent this week. | ■ The energy sector led the sell-off, dropping more than 3 percent. Benchmark American crude-oil prices dropped more than 4 percent, amid concern that the ongoing trade fight between China and the United States would weigh on global economic growth and demand for oil. Oil is down more than 6 percent this week. |
| ■ The selling wasn’t just confined to sectors closely tied to trade. The Russell 2000 index of small capitalization stocks — typically more closely tied to the domestic economy — fell more than 1.5 percent. | ■ The selling wasn’t just confined to sectors closely tied to trade. The Russell 2000 index of small capitalization stocks — typically more closely tied to the domestic economy — fell more than 1.5 percent. |
| ■ Yields on government bonds declined, as investors put their money in government bonds for safekeeping. Bond prices and yields move in opposite directions. The yield on the 10-year Treasury note fell below 2.35 percent, its lowest level this year. | ■ Yields on government bonds declined, as investors put their money in government bonds for safekeeping. Bond prices and yields move in opposite directions. The yield on the 10-year Treasury note fell below 2.35 percent, its lowest level this year. |
| ■ In Asia, major stock indexes closed broadly lower on Thursday. The Hang Seng in Hong Kong lost 1.6 percent, and the Shanghai Composite ended down 1.4 percent. | ■ In Asia, major stock indexes closed broadly lower on Thursday. The Hang Seng in Hong Kong lost 1.6 percent, and the Shanghai Composite ended down 1.4 percent. |
| ■ The trend was echoed in Europe, where the DAX in Frankfurt was trading 1.5 percent lower and the FTSE 100 in London slipped 1.3 percent. Automakers in Europe were among the worst performers, dropping as much as 3 percent. | ■ The trend was echoed in Europe, where the DAX in Frankfurt was trading 1.5 percent lower and the FTSE 100 in London slipped 1.3 percent. Automakers in Europe were among the worst performers, dropping as much as 3 percent. |
| ■ In currency trading, the British pound has been sliding in value as expectations mount that Prime Minister Theresa May will resign, heightening uncertainties over Britain’s withdrawal from the European Union. The pound, which reached $1.33 in mid-March, fell as low as $1.26 on Thursday. | ■ In currency trading, the British pound has been sliding in value as expectations mount that Prime Minister Theresa May will resign, heightening uncertainties over Britain’s withdrawal from the European Union. The pound, which reached $1.33 in mid-March, fell as low as $1.26 on Thursday. |
| [Read more about why Mrs. May faces calls to resign.] | [Read more about why Mrs. May faces calls to resign.] |