Stocks fell Monday as markets braced for major escalations in the US-China trade war. The Nasdaq Composite dropped nearly 1.5%, with companies like Apple earlier warning tariffs could force them to raise costs. The dollar and Treasury yields slid.
Stocks fell Monday as markets braced for major escalations in the US-China trade war. The Nasdaq Composite dropped nearly 1.5%, with companies like Apple earlier warning tariffs could force them to raise prices. The dollar and Treasury yields slid.
Here’s the scoreboard:
Dow Jones industrial average: 26,062.46−92.21 (0.35%)
S&P 500: 2,889.11 −15.87 (0.55%)
Nasdaq Composite: 7,895.79 −114.25 (1.43%)
- The Trump administration is expected to impose tariffs on an additional $200 billion worth of Chinese products. President Donald Trump said he would make an announcement after financial markets close. The action would bring the total amount of Chinese products subject to duties to $250 billion, roughly half of the amount the US imported from that country in 2017. China has said it will hit back.
- NAFTA negotiations between the US and Canada look likely to stall. Prime Minister Justin Trudeau defended regulations on the country’s dairy market, an issue the US has signaled it will not be quick to budge on. Canada imposes high import duties in its dairy market to support prices.
- North Korea may be circumventing US-led sanctions related to its nuclear weapons program. The Wall Street Journal reports Pyongyang has worked with Russia and China to avoid sanctions, according to a confidential United Nations report, making the latest economic penalties “ineffective.”
And a look at the upcoming economic calendar:
- European Central Bank President Draghi speaks in Paris.
- Housing starts and existing home sales numbers are out in the US.