Wall Street shrinks as tariff concerns push industry down By Reuters

By Amy Caren Daniel

(Reuters) – US stocks plunged into bullish trade on Tuesday after President Donald Trump's threat to charge additional fees on goods Chinese weighed on the industry

Trump said he hoped to raise tariffs on Chinese imports from $ 200 billion to 10% in early 2019, from 10% to 25%.

At the G20 summit, Trump is due to meet with Chinese President Buenos Aires this week, but his latest comments have left little hope on the settlement of the trade dispute between the two countries, which has affected the markets this year.

The trade-sensitive industrial sector () dropped by 0.97%, with Boeing's . Co (N :), the leading US exporter to China, down 0.4% and Caterpillar Inc. (N 🙂 1.3%.

United Technologies Corp. (N 🙂 fell 5.8%, the highest in the S & P 500 index, after its split plan in three companies failed to impress investors.

"Until we get more clarity on the trade front, we will see rough waters," said Ryan Nauman, marketing strategist at Informa Financial Intelligence, Zephyr Cove, Nevada.

The main Wall Street indexes oscillated between earnings. and losses during the session, but are currently at the lows of their session with Apple Inc. (O 🙂 loss reductions and chip makers that become positive.

The iPhone manufacturer's shares fell 2.1% earlier in the session after Trump said the rates could be placed on the company's laptops and iPhones imported from China. Shares were down 0.9%.

The Philadelphia SE Semiconductor () index rose 0.16%, offsetting past losses. Maxim Integrated (O 🙂 led the gain with a 4.9% rise after announcing plans to join the S & P 500.

"Many of these rebounds you see come from significant oversold conditions "said Michael Antonelli, general manager. , institutional sale at Robert W. Baird in Milwaukee.

At 13:12 EDT, the Dow Jones Industrial Average () was down 66.26 points, or 0.27%, to 24,573.98%, the S & P 500 () down 5 , 10 points, or 0.19%, to 2,668.35 and the Nasdaq Composite (). Vice President of the US Federal Reserve Richard Clarida said the central bank should continue to gradually raise interest rates, but that it is "particularly important" to monitor new data closely. Economic, Monetary Policy Being

Fed Chairman Jerome Powell is due to speak on Wednesday and his comments will be closely watched by new information on interest rate and interest rate developments. the health of the economy in the face of growing tensions over trade. .

The number of declining stocks is higher than that of advanced buyers, with a ratio of 1.96 to 1 on the NYSE and a ratio of 2.08 to 1 on the Nasdaq.

The S & P recorded two new 52-week highs and seven new lows. while Nasdaq recorded 14 new highs and 111 n