Dow falls 200 points as fears mount over drawn-out trade war

Wall Street fell on Monday, as investors shunned risky bets on fears that a drawn-out trade war between the United States and China would significantly hamper global growth.

The Dow Jones Industrial Average slid by around 210 points at the opening bell, the S&P fell 0.73 percent, and the Nasdaq slipped by 0.85 percent.

President Donald Trump said on Friday he was not ready to make a deal with China, pouring cold water on any hopes that the dispute would end soon.

Highlighting the fallout of the trade dispute on global growth, a survey by Germany’s Ifo economic institute on Monday showed the economic outlook for the third quarter has deteriorated worldwide.

Trade-related worries have been a major drag on the benchmark S&P 500, which has slipped 3.7 percent from its all-time high hit in July.

Investors seeking safety in perceived safe havens pushed the Japanese yen and U.S. government bond prices higher.

The so-called FAANG group — Facebook, Amazon, Apple, Netflix, and Google’s Alphabet — which led the market rally this year, slipped as much as 1.3 percent.

The three main indexes had ended marginally lower last week, wrapping up five days of high-volume trading marked by wild swings, as investors feared that a slide in China’s yuan would expand the scope of the trade war to include currencies.

Visit the Source: https://www.nbcnews.com/business/markets/wall-street-slides-ahead-opening-bell-fears-mount-over-drawn-n1041286?cid=public-rss_20190812

Add a Comment

Your email address will not be published. Required fields are marked *