Wall Street falls on worries over trade, global growth
- U.S. stocks fell on Tuesday after President Donald Trump threatened tariffs on European goods, while a cut in the IMF’s global growth forecast fanned worries of a slowdown.
Boeing Co shares fell 1.3% after the planemaker handed over far fewer planes in the first quarter due to a global grounding of its best-selling 737 MAX jets.The United States threatened to slap tariffs on hundreds of European goods on Monday as retaliation for subsidies given to Airbus. An EU official said the European Union had begun preparations to retaliate.
“The IMF downgrade just shows that the odds of robust growth are not very high. It is also going to be difficult for the U.S. to maintain earnings growth especially if global growth is sluggish,” said Craig Birk, chief investment officer at Personal Capital in San Francisco. Capping losses on the Nasdaq was a 1 percent gain in Apple Inc shares, which were on pace to close higher for a 10th straight day in their best such winning streak since October 2010.
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