U.S. stocks fall, following a sell-off in Europe and Asia, after Pres. Trump threatened to escalate a trade war between the world's two largest economies.
U.S. stocks fell in morning trading Monday, following a sell-off in Europe and Asia, after President Donald Trump threatened to escalate a trade war between the world's two largest economies.
The Dow Jones Industrial Average fell 195 points, or 0.7%, as of 11:22 a.m. It was down as much as 471 in the first few minutes of trading.Trump on Sunday threatened to raise tariffs on imports from China to 25% from 10% after complaining that trade talks were moving too slowly. He also threatened to impose tariffs on another $325 billion in imports from China, covering everything the country ships annually to the United States.U.S.
Wynn Resorts, with a host of casinos and hotels in Macau, gets about 75% of its revenue from China, according Its stock tumbled 4.8%. Oil prices, which have been steadily rising all year, fell slightly. Benchmark U.S. crude lost 0.2% per barrel. "We see the weekend's developments as a negative catalyst for the market, not only because of where investor expectations have been regarding the deal, but because of the downward earnings revisions that are likely to occur if the tariffs are expanded," said Lori Calvasina, head of U.S. equity strategy at RBC Capital, in a note to clients.
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