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NEW YORK – Stocks drop sharply on Wall Street, erasing a quick gain, after the announcement that the United States will announce tariffs on all remaining imports from China by early December if both countries fail to resolve their trade dispute.
Technology and Internet companies, manufacturers and retailers have suffered heavy losses, while the recent Wall Street crisis continued.
The S & P 500 index suffered heavy losses in October and is on the verge of its worst month since the financial crisis.
KEEP THE SCORE: The S & P 500 Index lost 33 points, or 1.2%, to 2625 at 15:35. Eastern Time. It fell by 10% from its record at the end of September, which allowed the benchmark to match what is called 'Wall Street' a 'correction' .
The Dow Jones Industrial Average Index fell 381 points, or 1.6%, to 24,306 points. It was 352 earlier.
The Nasdaq composite, heavily weighted by technology stocks, lost 176 points, or 2.5%, against 6,990. The Russell 2000 stock index of smaller companies sold 12 points, or 0.8%, to 1 471.
Shares have plunged since early October and trade has been particularly volatile in recent days.
TARIFF THREAT: Bloomberg News announced that the Trump administration would impose tariffs on the rest of the country's imports from China if Presidents Donald Trump and Xi Jinping made no substantive progress in mitigating the trade dispute the month next. The United States has so far imposed $ 250 billion in taxes on imported Chinese products and threatened to impose tariffs on the rest, while China has increased tariffs on imports of $ 110 billion from the United States.
Among industries, Boeing plunged 8% to $ 330.63. Some early gains for technology stocks and the Internet have also disappeared. Microsoft paid 4.1% to $ 102.68. Alphabet, Google's parent company, has lost 6% to $ 1,007.
Amazon.com has still lost 8.5% to 1 503 USD. The online retailer fell Friday after announcing weak sales and gave a lower-than-expected revenue estimate for the quarter, which includes the shopping season for the holidays. Amazon is approaching a "bear market," a Wall Street term that means a drop of more than 20% from a recent high. Amazon sold more than $ 2,000 per share in early September.
Do you like my hat? IBM said that the purchase of Red Hat will help the company take a new step in cloud computing. President and CEO, Ginni Rometty, said the deal would make IBM the world's largest hybrid cloud provider, which means it will offer businesses a combination of cloud-based services on site, private and public third parties. It's also the most important purchase in IBM's history.
Red Hat's stock jumped 45.9 percent to $ 170.28, offsetting losses from earlier this year. IBM fell 4.6% to $ 119.04.
CHANGE OF GEARS: The automakers stood out after Bloomberg News announced that the Chinese regulators intended to propose to reduce the tax on imported cars from 10% to 5%. The trade fight between the United States and China has hurt sales, and this slowdown is one of the factors that hurt car manufacturers' inventories this year.
General Motors jumped 1% to $ 32.98 and Ford's 3% to $ 9.25. The auto parts companies have also rallied. BorgWarner jumped 5.3% to $ 39.29. After Cooper Tire & Rubber reported higher earnings than analysts expected in the third quarter, its stock jumped 20.9% to $ 30.77.
EUROPE: Italy's FTSE MIB index rose 1.9% after Standard & Poor's did not degrade the company's "junk" status. The new Italian government intends to increase its spending and the leaders of the European Union have asked him to change his plans.
The German DAX gained 1.2% thanks to strong gains from Volkswagen, Daimler and BMW. Long-time Chancellor Angela Merkel said she would not step down after the disappointing results of the parliamentary elections, but would resign from her party's presidency. She has been chancellor of Germany since 2005 and will remain in office until 2021.
The CAC 40 in France increased by 0.4% and the British FTSE 100 by 1.3%.
BRAZIL: Brazil's Bovespa woke up in the morning after the right-wing politician Jair Bolsonaro was elected president, but then dropped and dropped by 2%. Shares climbed earlier this month after Bolsonaro led the previous round, with investors favoring left-wing parties.
The former army captain considered himself a political outsider despite a 27-year career in Congress and came to power by mixing hard and straight positions with harsh, often violent, words about women, gays and black and indigenous Brazilians.
OBLIGATIONS: Bond prices recovered from an early loss. The yield on the 10-year Treasury Note remained at 3.07%.
ENERGY: The benchmark US crude fell 0.8% to $ 67.04 per barrel in New York, while Brent, used for international oil prices, lost 0.4% to $ 77.34 per barrel in London.
Wholesale gasoline added 0.5% to 1.82 USD per gallon and heating oil, 0.8% to 2.28 USD a gallon. Natural gas was unchanged at $ 3.19 per 1,000 cubic feet.
METALS: Gold lost 0.7% to $ 1,227.60 an ounce. Silver fell 1.8% to 14.44 dollars an ounce. Copper has changed little at $ 2.74 per pound.
CURRENCIES: The dollar rose to 112.35 yen against 111.85 yen. The euro rose from 1.1412 dollars to 1.1390 dollars.
ASIA: The Tokyo Nikkei 225 sank 0.2% and the Seoul Kospi 1.5%. Hong Kong's Hang Seng grew 0.4%.
