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Wall Street joins selloff as new China tariffs rekindle trade war anxiety

The biggest drags on the blue-chip Dow were Boeing, 3M, Caterpillar and United Technologies

Reuters 

Wall street, market
A broker looks at financial information on computer screens on the IG Index trading floor in London on Tuesday. Photo: Reuters

US stocks slid on Wednesday amid a broad selloff on escalating trade war tensions after the threatened to impose tariffs on an additional $200 billion worth of Chinese goods.

on Tuesday issued a list of thousands of Chinese imports that the wants to target with new tariffs. In response, accused the of bullying and warned it would hit back.

"Unfortunately the haven't come to grips with the current levels of trade policies and tariffs," said Art Hogan, at in New York

"Concerns over trade and trade wars are really having an adverse effect, less so on the US than the markets, but it is certainly taking a bite."

Adding to tensions was the NATO summit in Brussels, where accused of being a "captive" of He also wants Europeans to pay more for their own defense.

At 10:04 a.m. EDT the was down 141.78 points, or 0.57 percent, at 24,777.88, the 500 was down 11.70 points, or 0.42 percent, at 2,782.14 and the was down 22.36 points, or 0.29 percent, at 7,736.84.

The biggest drags on the blue-chip Dow were Boeing, 3M, and Their shares were down between 1.2 percent and 2 percent.

Ten of the 11 major sectors were lower. The industrials sector tumbled 1.22 percent, making it the biggest decliner and drag on the benchmark

The slid 0.21 percent. Chipmakers, which largely depend on for their revenue, weighed the most, with the index falling 1.43 percent.

The was the only one in the positive territory, with a 0.35 percent gain.

21st fell 2.2 percent after the company raised its offer for Britain's Sky, seeing off rival bidder for now. rose 1.5 percent.

Fastenal's shares rose 5.4 percent, the most on the S&P, after the industrial products distributor's Q2 revenue and profit topped estimates.

The next biggest gainer was TripAdvisor, which rose 3.4 percent on a rating upgrade.

Declining issues outnumbered advancers for a 2.19-to-1 ratio on the NYSE and a 1.40-to-1 ratio on the Nasdaq.

The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 27 new highs and 18 new lows.

First Published: Wed, July 11 2018. 21:17 IST
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