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Stocks - Wall Street Falls on Persistent Trade War Concerns 

Stock MarketsOct 08, 2019 09:58AM ET
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© Reuters.

Investing.com – Wall Street tumbled on Tuesday after reports that the White House is moving ahead on possible curbs to capital flows in China stirred up fresh concerns that a trade deal between the two countries won’t happen.

The Dow slumped 263 points or 1% by 9:40 AM ET (13:40 GMT), while the S&P 500 was down 30 points or 1.1% and the Nasdaq composite lost 77 points or 1%.

The two sides are scheduled for high-level trade talks this week. Yesterday after the U.S. blacklisted 28 Chinese entities, including surveillance camera maker Hikvision, for their role in China’s repression of Muslim minorities.

Meanwhile, the White House is in talks around restrictions focused on investments made by U.S. government pension funds, according to a Bloomberg report.

"I don't think there's really much hope that we are going to see a completed deal any time soon," said Scott Brown, chief economist at Raymond James. "For markets, it may be enough to just see a stop in the escalation."

Boeing (NYSE:BA) was down 1.5% on a Wall Street Journal report that the European Aviation Safety Agency refused to accept FAA assurances that Boeing’s Max 737 are safe.

Domino’s Pizza (NYSE:DPZ) dipped 4.2% after a decline in same-store sales, while Oracle (NYSE:ORCL) fell 1% after reports that it is hiring 2,000 workers. Ambarella (NASDAQ:AMBA) tumbled 9.4% after the blacklisting of Hikvision Digital Technology, one of its biggest customers.

In commodities, the U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 98.662 and gold futures rose 0.6% to $1,512.85 a troy ounce. Crude oil futures fell 13% to $52.09 a barrel.

-- Reuters contributed to this report

Stocks - Wall Street Falls on Persistent Trade War Concerns 
 

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Adrian Lim
Adrian Lim Oct 08, 2019 11:22AM ET
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don't make irrational comments like this...
Jun Man
Jun Man Oct 08, 2019 11:19AM ET
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There will be not deal.  The US does not have time as incumbents spend time to get elected another 4 years.  Once elected, they don't need to do anything...
Chris Martin
Chris Martin Oct 08, 2019 11:19AM ET
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Why did you waste your time with a statement like that?
watson raj
watson raj Oct 08, 2019 11:16AM ET
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markets don't dance for the trade talks tune...This is our money we must not sell off things and get the market down for just mere a news
Jerald Yang
Jerald Yang Oct 08, 2019 10:43AM ET
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Well, the ongoing fighting btwn two makes thing worse
Mark Hu
Mark Hu Oct 08, 2019 10:43AM ET
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So what's your idea? Should we have fought this trade war 20 years ago? Or 20 years from now? Or don't fight it and continue to be exploited by China. Tell us, please.
Al Vlaj
alvlaj Oct 08, 2019 10:43AM ET
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Mark Huwe should have stayed in TPP which created a powerhouse coalition against China. That was the whole reason Obama pushed so hard for it. It also negated the need for NAFTA altogether. Instead, we arrogangly left out of personal spite for Obama and drastically strengthened China’s position. We are now creating new Nafta and trying to negotiate a deal with Japan that is very similar to that portion TPP but all of which is less in our favor. We are fighting this trade war because we left TPP and are now is a position of weakness. All because Trump wanted to dump on Obama.
Mark Hu
Mark Hu Oct 08, 2019 10:43AM ET
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wow .. get past the propaganda. Trump didn't leave the TPP out of spite for Obama. Even Elizabeth Warren was against it, and is she anti-Obama? It was a bad deal with no teeth, all the 'protectuons' and dispute resolution provisions were unenforceable.
Al Vlaj
alvlaj Oct 08, 2019 10:43AM ET
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Mark Huwith respect to Free Trade and protectionism, Elizabeth Warren and Trump see very much eye to eye. She and Bernie Sander and all other liberal progressives are against TPP. But if you are an economic conservative republican (like me) that believes in free trade, you know TPP was without question strong for the US. The reality is that Trump is an economic liberal (just like Warren and Sanders) that happened to hijack the GOP. He spends like a socialist. Let’s not forget he was a registered democrat for over 8yrs. Trump, however, did it out of spite and that was obvious. So to answer you original question again, the only reason we need to now “fight” a trade war is because Trump lopped off one of our own legs and strengthened China’s position. And if you agree with him on it, you should vote for Elizabeth Warren because she is even more protectionist.
Pranay Jaiswal
Pranay Jaiswal Oct 08, 2019 10:39AM ET
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i was suggest to Sell  SP500  @ 2941 Today bcoz it go low ....
Me comment
Me comment Oct 08, 2019 10:38AM ET
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Trump is way beyond a trade war, it involves just tariffs on goods and services. This blacklisting companies, banning China investing in US, and others is more a temper tantrum action cause king Trump isn't getting his way. The bullish tactics are not a realistic negotiating tactic. I just hope China doesn't decide to dump the US treasuries they hold or the US be looking at reliving the Great Depression of 1929 and 30's all thanks tovTrump's big EGO.
Spencer Dardon
GreenGreta Oct 08, 2019 10:38AM ET
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Maybe that'll be the trigger.... We need a severe correction.
eddie smith
eddie smith Oct 08, 2019 10:33AM ET
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Financial journalism is such a lazy field. Market down, "Market down on trade war fears". Market up, "Market ignores trade war fears". Market flat, "Market weighs trade war fears"
Jack Drummond
Jack Drummond Oct 08, 2019 10:27AM ET
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We hired a blind man to drive this bus
Show previous replies (7)
Al Vlaj
alvlaj Oct 08, 2019 10:27AM ET
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Jeff ChevalierAND we are a service-driven economy. 79.6% of GDP and more than 80% of private sector employment.
Jack Drummond
Jack Drummond Oct 08, 2019 10:27AM ET
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alvlajYes, we are too dangerously in a service economy. When the Big One depression hits we will be only selling insurance to each other.
Jeff Chevalier
Jeff Chevalier Oct 08, 2019 10:27AM ET
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Wages in the US are too high to be a manufacturing based economy. If they actually brought manufacturing jobs back to the US, nobody could afford to buy anything.The US economy thrives on cheap imported products.
Al Vlaj
alvlaj Oct 08, 2019 10:27AM ET
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Jack DrummondTwo things, services include technology, banking, insurance, education, medicine and many other sectors that are portable. Second, manufacturing costs of labor would never survive a depression in this country. And those jobs would never come back to life. Service sectors are far more insulated.
Al Vlaj
alvlaj Oct 08, 2019 10:27AM ET
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alvlaji’ll add plumbers, electricians and most all vocational trades also fall into the services category.
Mike Roland
Mike Roland Oct 08, 2019 10:13AM ET
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Trumpy or his henchman will tweet something to again BS and say everything is beautiful, wonderful and that he is a genius
Sigit Yuwono
Sigit Yuwono Oct 08, 2019 10:13AM ET
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better tweet rahter not
Chris Martin
Chris Martin Oct 08, 2019 10:13AM ET
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Stupid thing to mention mike. You think "she" might lend some money from ill-gotten gains of c-fdn. Sounds ro me like toe for her... or perhaps one of those who touts Sauls book?
 
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