Markets Right Now: Stocks sink as trade war escalates

NEW YORK — The latest on developments in financial markets (all times local):

11:45 a.m.

Stocks are plunging on Wall Street after China said it would retaliate against the U.S. with tariffs, escalating a trade dispute that investors had hoped would go away.

China said Monday it would put levies on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10% to 25%.

U.S. companies that would stand to lose the most in a prolonged trade war with China led the way lower. Apple fell 5.4% and Caterpillar dropped 5.1%.

Utilities, which investors tend to buy when they are fearful of market turbulence, were the only sector to rise.

The Dow Jones Industrial Average sank 623 points, or 2.4%. The S&P 500 fell 71 points, or 2.5% and the Nasdaq sank 3.3%.

___

9:35 a.m.

Stocks are plunging at the open on Wall Street Monday after China announced retaliatory tariffs against goods from the United States.

China plans tariff hikes on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10% to 25%.

Technology, industrial and consumer-focused companies are bearing the brunt of the losses. Apple is down 4.4% while Caterpillar is off by 4%.

The Dow Jones Industrial is down 470 points, or 1.8%. The S&P is dropping 51 points, or 1.8% and the tech-heavy Nasdaq is down 2.3%.

Oil rose 2.4% to $63.15 a barrel after two Saudi vessels were targeted off the coast of the United Arab Emirates.

You may also like these

Australian Senate delivers $106 billion in income...

Jun 21, 2018

Australia's prime minister has won a political victory with the Senate passing personal income tax...

EU foreign policy chief wants quick Australian...

Aug 8, 2018

The European Union's foreign policy chief, Federica Mogherini, says she wants a free trade...

Australian gov't offers balanced budget just...

Apr 2, 2019

Australia's treasurer says he will unveil the government's first balanced annual budget plan in a...

Australian election May 18 to be fought on...

Apr 11, 2019

Australia's prime minister calls a May 18 election that will be fought on issues including climate...

Global stocks climb on signs US rate hike not...

Aug 18, 2016

Global stocks rose Thursday after Wall Street edged higher on news the U.S. Federal Reserve is in...

Search
Financial Markets

About Us

Established in 2015, The Upstocker provides insights on financial reports, commentary, and investment data to traders so that you can make better investment decisions.

Contact us: sales[at]theupstocker.com

Subscribe Now!