Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 16 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
Wall Street lower on China tariff worries
August 31, 2018
 Print    Send to Friend

NEW YORK: US stocks fell on Thursday, after four days of gains, weighed down by weak results from retailers and on rising concerns over the US-China trade war that has weighed on markets for most of the year.

Washington has proposed slapping tariffs on a further $200 billion worth of Chinese goods, which will come into effect next month after a public comment period ends on Wednesday, Sept. 5.

Metal prices fell as the Sino-US trade tensions upstaged optimism that the United States and Canada could clinch a new North American Free Trade Agreement (NAFTA).

The S&P materials sector sank 0.94 per cent, the most among the 11 major S&P sectors. The trade-sensitive industrials index fell 0.25 per cent, led by Caterpillar’s 1.1 per cent decline.

The consumer discretionary index slid 0.35 per cent on weak earnings from retailer Dollar Tree and a drop in Calvin Klein owner PVH Corp.

“I think this is an environment in which, if not for trade news, then we would be trading higher and we have seen that with the bumps in the Mexico trade talks,” said Art Hogan, chief market strategist at B. Riley FBR in New York.

“We’ve had a pretty significant run and I think that we don’t have any more good news to keep that momentum going which is why we’re giving up gains, but very modestly.”

Of the 11 S&P sectors, the biggest gainer was defensive utilities, which was up 0.45 per cent.

Dollar Tree slid 11.5 per cent, the most on the S&P, and Dollar General was down 1.0 per cent after they gave disappointing full-year profit forecasts.

PVH fell 5.6 per cent after the apparel maker said it might be hit by tariffs and reported a higher quarterly profit and raised its full-year earnings forecast.

Reuters

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
Markets shiver on Trump trade threats
LONDON: Global stocks fell for a second day on Friday as a report that US President Donald Trump was preparing to step up a trade war with Beijing dampened risk appetite ..
Stocks climb as markets celebrate deal
NEW YORK: A global stocks index advanced to more than five-month highs on Tuesday, lifted by investor optimism that a US-Mexico deal will help avert a global trade war. ..
Trade worries keep lid on stocks
LONDON: World stocks climbed on Friday, driven by a combination of strong earnings and a rally in the technology sector after Apple became the world’s first trillion doll..
Stocks down as trade fears hurt Europe
LONDON: Fears of an escalating trade dispute between the United States and China spread from Asian markets to Europe on Thursday, triggering a fall in bonds yields and s..
World stocks hit one-month high after tech earnings
NEW YORK: Global equity markets hit their highest in a month on Tuesday, as stellar results from Google parent Alphabet underpinned tech stocks and China promised fiscal ..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright