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Wall Street drops on trade fears

Credit: Reuters Studio
Published on May 23, 2019 - Duration: 01:00s

Wall Street drops on trade fears

U.S. stocks tumbled Thursday.

As Fred Katayama reports, technology, financials and energy led the declines due to fears the escalating U.S.-China trade war would slow global economic growth.

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Wall Street drops on trade fears

Stocks on Wall Street Thursday, and Treasury yields plummeted.

Investors feared the escalating U.S.-China trade war would crimp global economic growth after Beijing said Washington needs to correct what it called its "wrong actions".

The Nasdaq led the declines, off 1-and-a-half percent.

Quattro M Securities floor broker, Peter Tuchman: SOUNDBITE: QUATTRO M SECURITIES FLOOR BROKER, PETER TUCHMAN, (ENGLISH) SAYING: "Yes, it is a negative day.

Yes, there's some anxiety.

I wouldn't blow it out of proportion.

Let's see how the follow-through comes in tomorrow and into the weekend, and we'll see what happens going forward." Reflecting those fears of slower growth: oil prices plunged, slamming energy stocks and throwing the sector into a bear market..

Shares of Apple, which is seen as a potential retaliatory trade target for China, dropped, along with its so-called FAANG peers: Facebook, Amazon, Netflix and Google-parent, Alphabet.

Best Buy shares fell even though the consumer electronics retailer's quarterly profit breezed past analysts' estimates.

The company warned that any new U.S. tariffs on Chinese imports would raise prices for shoppers.

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