Wall Street weighed by new round of U.S.-China tariffs
Wall Street`s major indexes fell on Thursday as trade-sensitive stocks were hit by a fresh round of tariffs in the trade dispute between the United States and China.
Despite ongoing talks, the two countries imposed tariffs on $16 billion worth of each other`s goods.
Shares of industrial giants Caterpillar Inc
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In the S&P 500, the technology sector <.splrct> was the sole gainer, rising 0.2 percent. But it pared gains late in the session, sending the tech-heavy Nasdaq into negative territory along with the S&P and the Dow.
"It`s tough to say how far this will go," Brendan Erne, director of portfolio implementation at Personal Capital in San Francisco, said of the U.S.-China trade dispute. "It could be a fairly long and winding road, but at least it`s encouraging that both sides are talking now."
The Dow Jones Industrial Average <.dji> fell 76.62 points, or 0.3 percent, to 25,656.98, the S&P 500 <.spx> lost 4.84 points, or 0.17 percent, to 2,856.98 and the Nasdaq Composite <.ixic> dropped 10.64 points, or 0.13 percent, to 7,878.46.
The energy index <.spny> fell 0.5 percent and the materials index <.splrcm> fell 0.7 percent, the biggest percentage drops among the S&P`s major sectors, as prices of crude oil and metals fell due to trade war worries.
The potential political fallout from the legal woes of two former advisers to U.S. President Donald Trump also weighed on investor sentiment.
Data from the U.S. Labor Department indicated the labour market was holding firm despite trade tensions as jobless claims fell for the third straight week.
Investors said they were keeping a close eye on the meeting of U.S. central bankers in Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell will speak on Friday. His speech will be watched for clues on monetary policy after minutes from the most recent meeting indicated that the Fed would raise interest rates soon.
Shares of Hormel Foods Corp
Shares of Victoria`s Secret owner L Brands Inc
Declining issues outnumbered advancing ones on the NYSE by a 1.93-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favoured decliners.
The S&P 500 posted 25 new 52-week highs and one new low; the Nasdaq Composite recorded 137 new highs and 32 new lows.
Volume on U.S. exchanges was 5.57 billion shares, compared with the 6.35 billion average over the last 20 trading days.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
02:14 AM IST