Wall Street Falls As Hope For Commercial Truce Evaporates By Investing.com

Investing.com – Wall Street recorded a sharp decline on Thursday as the S & P 500 and Nasdaq register a fourth day of decline, while hopes that the US and China could avoid escalating their dispute commercial evaporated.

US President Donald Trump said that Beijing had "broken the deal" and firmly maintained its intention to raise tariffs on hundreds of billions of dollars worth of Chinese imports. China said the escalation would be pointless, but promised to retaliate.

While senior trade officials from both countries meet for two days in Washington, there is little hope of recovery from the truce.

Investors struggled to take risks, fearing that a large-scale trade war between the two largest global companies will hurt the global economy and corporate profits.

He sank 238 points, or 0.9%, to 25,729.28 points at 9:42 (ET) (13:42 GMT), while the 28 points lost, or 1.0%, 2,851.38 points, and the heavy techno yielded 95 points, or 1.2%, 7,848.61 points.

The S & P 500 has suffered four consecutive losses and is currently down 3.4% from its record of 2,954.13 points, reached on May 1st.

Dow Jones Boeing (NYSE 🙂 heavyweights hit four-month low early in the session caterpillar (NYSE :), which, like Boeing, is sensitive to Chinese demand and tariffs, has reached its lowest level since mid-February.

Intel (NASDAQ 🙂 fell by 5.3%, Nvidia Corporation (NASDAQ 🙂 by 4.5% and Micron Technology (NASDAQ 🙂 by 3.3%, after China announced its intention to extend taxes preferential to some national chip makers. The three companies had everything to gain from improved access to the Chinese market under the hypothetical agreement.

All the news of the company was not bad. Chevron (NYSE 🙂 jumped nearly 3%, ahead of Anadarko Petroleum (NYSE :), thereby avoiding a bidding war with Occidental Petroleum (NYSE :). As part of its initial offering, Anadarko will receive a break-up fee of $ 1 billion.

Walt Disney (NYSE 🙂 also saw shares move up slightly thanks to one.

Almost lost in headlines, rose in April, but the annualized reading has remained at an unexpected level. Moderate inflation has been key to ending any further hike in Federal Reserve interest rates this year. In other news, but had little impact on the market.

After the data, the, which measures the greenback versus six developed market currencies, was little changed at 97:35 before 9:45 (13:45 GMT), while it was 2.44%, unchanged from the previous year. previous news, but down 4 basis points from Wednesday night.

In commodities, the advance was slightly down $ 2.55, or 0.2%, to $ 1,283.95 per troy ounce, while the decline was 74 cents, or 1.2%, at 61.38 dollars a barrel.