πŸ‡ΊπŸ‡Έ

Wall Street sinks as tariff war heats up

Credit: Reuters Studio
Published 2 weeks ago - Duration: 01:15s

Wall Street sinks as tariff war heats up

Wall Street shares sank on Monday after China defied Washington by announcing retaliatory tariffs, sending investors fleeing equities for less risky assets.

Fred Katayama reports.

Advertisement

Wall Street sinks as tariff war heats up

An intensifying trade war slammed U.S. stocks Monday.

Investors headed for the exits and bought Treasuries after Beijing struck back with higher tariffs on U.S. goods.

The Dow and S&P 500 shed 2.4 percent.

The Nasdaq suffered its biggest daily loss this year, down 3.4 percent.

First American Trust chief investment officer, Jerry Braakman: SOUNDBITE: FIRST AMERICAN TRUST CHIEF INVESTMENT OFFICER, JERRY BRAAKMAN (ENGLISH) SAYING: "When we see these things hit the headlines, we definitely see a lot of volatility.

And then, all the bears come out of the woodwork and start talking about all the things they were talking about in the fourth quarter.

So we definitely see some sentiment shifting away from the market and that's why we see a pretty negative reaction here last week and also today." Hit hardest: multinationals with big exposure to China.

That included chips like Intel and Qualcomm and industrials Boeing and Caterpillar.

Tech stocks also got hammered, especially the FAANG stocks - Facebook, Amazon, Apple, Netflix and Google parent Alphabet.

Separately, Apple received a legal setback .The Supreme Court says an antitrust lawsuit accusing the iPhone maker of monopolizing the market for apps can proceed .

The market turmoil exacerbated Uber's woes.

The ride-hailing company's shares extended their losses from Friday's disappointing debut on the public markets.

You are here

Recent related news from verified sources

U.S. stocks were set to open modestly higher on Friday after a sell-off, on cautious optimism after President Donald Trump predicted a swift end to the tariff...
8 hours ago • Reuters

BEIJING (AP) β€” Asian stocks followed Wall Street higher Wednesday after President Donald Trump downplayed his escalating tariff war with Beijing and said a...
1 week ago • Seattle Times

As it struggles to respond to President Trump’s tariff offensive, Beijing finds its hold over Washington and Wall Street fading.
1 week ago • NYTimes.com

Recent related videos from verified sources

Jim Cramer: Here's What Investors Should Do Amid Trade War 02:48
Credit: The Street - Published 1 day ago 

Wall Street seesaws amid heightened trade tensions 00:41
Credit: Wochit - Published 1 week ago 

Asian Stocks Copy Wall Street's Nervousness 00:40
Credit: Wochit - Published 1 week ago 

Wall Street To Sink On Trade War 00:48
Credit: Wochit - Published 2 weeks ago 

You might like