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Wall Street falls for third straight day as trade hopes dim

Stock MarketsDec 03, 2019 02:35PM ET
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By Stephen Culp

NEW YORK (Reuters) - Wall Street set course for its third consecutive sell-off on Tuesday as investor optimism over a potential near-term respite from the U.S.-China trade war evaporated following commentary from President Donald Trump and Commerce Secretary Wilbur Ross.

All three major stock indexes stepped further away from last week's record highs that were fueled by hopes that an interim deal between the United States and China was in the offing.

Those hopes dimmed as President Trump suggested a deal might have to wait until after the 2020 election, and separately, Secretary Ross confirmed that new tariffs on Chinese imports would go into effect on Dec. 15 as scheduled, unless substantial progress was made.

These comments, on the heels of France's threatened retaliation over potential new U.S. duties on French products, itself a retaliation against a proposed French "digital tax," suggested that America's hydra-headed tariff war against its major trading partners would continue to dominate markets for the foreseeable future.

"We've seen this happen numerous times, where there's a trade disappointment and there's a stock market sell-off," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. "There's disappointment that 'phase 1' (of a U.S.-China deal) has been pushed back."

Tariff-sensitive chipmakers were down, with the Philadelphia SE Semiconductor index falling 2.0%, on track for its worst day in nearly two months.

The Dow Jones Industrial Average (DJI) fell 357.45 points, or 1.29%, to 27,425.59, the S&P 500 (SPX) lost 29.61 points, or 0.95%, to 3,084.26 and the Nasdaq Composite (IXIC) dropped 79.97 points, or 0.93%, to 8,488.01.

Nine the 11 major sectors in the S&P 500 were in negative territory, with momentum stocks Apple Inc (O:AAPL) and Amazon.com (O:AMZN) weighing heaviest.

Financials (SPSY), consumer discretionary (SPLRCD) and energy (SPNY) stocks, as well as trade-vulnerable industrial (SPLRCI) and tech (SPLRCT) sectors suffered the largest percentage losses.

Shares of AK Steel Holding Corp (N:AKS) rose 3.3% after miner Cleveland Cliffs (N:CLF) agreed to buy the company in an all-stock deal worth about $1.1 billion.

Audentes Therapeutics Inc's (O:BOLD) shares soared by 105.5% after Japan's Astellas Pharma Inc (T:4503) said it would buy the U.S. drugmaker for about $3 billion in cash.

Declining issues outnumbered advancing ones on the NYSE by a 1.80-to-1 ratio; on Nasdaq, a 1.82-to-1 ratio favored decliners.

The S&P 500 posted 1 new 52-week highs and 5 new lows; the Nasdaq Composite recorded 29 new highs and 63 new lows.

Wall Street falls for third straight day as trade hopes dim
 

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Comments (35)
Gods Money
Gods Money Dec 03, 2019 10:08PM ET
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Tomorrow: “Stocks rebound as trump hints at trade deal”
Hhthed Shshs
Hhthed Shshs Dec 03, 2019 4:05PM ET
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michael scoffield is real . Eur is bullish ;)
Ivan Couto Jr
Ivan Couto Jr Dec 03, 2019 3:08PM ET
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what a BIG surprise. So the 27% increase this year will fall back right? Or starting tweeters about a deal in 2020 will meltup the market again?
Andrew Paeth
Andrew Paeth Dec 03, 2019 3:08PM ET
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Certain sectors may pull back but those most affected like bland commodities and industrial metals are already pretty beaten down.
me ish
me ish Dec 03, 2019 3:08PM ET
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the increase in price is not due to a huge change in sentiment - it's mainly monetary policy - reducing interest rates and pumping billions of fresh dollars into the market. A piece of ****would be worth millions if you throw enough money at it.
Junk Man
Junk_Man Dec 03, 2019 2:50PM ET
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Will trade hopes be back on tomorrow? A phase 1/2 deal....?
Space Lord
Space Lord Dec 03, 2019 2:43PM ET
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“Deal hopes” is dead, but market will find some reasons to grow.
Gods Money
Gods Money Dec 03, 2019 2:43PM ET
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“Holiday spending keeps markets afloat”
joe balone
joe balone Dec 03, 2019 2:09PM ET
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1% dip and peoples lose their minds , wait for big dip and buy. I think we have been on a run so long people forget that dips happen.
Noelle Milton Vega
NYCeyes Dec 03, 2019 1:44PM ET
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People blaming this, that or the other full well knowing that this has been rigged since day-1, that the economy is, in fact, not good, that US recently hit $23T in debt, that people are effectively broke with wages decades- stagnant, live in a zeitgeist that allowed a few titans to win in a winner take all economy, and so on and so on. ZeroHedge constantly warns about this more elegantly than I do. Listen to that if not me.
me ish
me ish Dec 03, 2019 1:44PM ET
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totally agreed, but don't think the FED won't print another 300 billion this month, as they did last month - to prop up the market - it costs them a few cents in electricity to create another 300 billions dollars on the balance sheet and hand it to Jamie Daimon to buy stocks, PE bonds - any old junk - it doesn't really matter - they'll keep creating billions more money - of course this is just kicking the can down the road and perhaps when US debt reaches 100 trillion, folk will simply lose all faith in the dollar - I doubt it will take that long - Europe, Russia, Iran, China and India amongst others are already turning their backs and slowly moving away from the dollar and the SWIFT system - the dollar and therefore the US is on borrowed time.
silver fox
silver fox Dec 03, 2019 1:30PM ET
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put those Dec 15 tariffs and then let's talk
Pwr Strk
Pwr Strk Dec 03, 2019 12:21PM ET
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this is Reuters reporting so make sure you go bullish all in
Aaron Last Name
Aaron Last Name Dec 03, 2019 12:18PM ET
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They're going to find a story that they seen big foot sighting and stocks will go up. plunge protection team will save everything by Friday
Biji Rajaku
Biji Rajaku Dec 03, 2019 12:10PM ET
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why do you too much worry?
Nikolas Stark
Nikolas Stark Dec 03, 2019 11:52AM ET
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Good, let's embrace Gold and enter the True Save Haven. Prepare for 2020 apocalypse.
Zhehui Liu
Zhehui Liu Dec 03, 2019 11:33AM ET
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Good! Stop supporting Communist China!
Tre Hsi
Tre Hsi Dec 03, 2019 11:33AM ET
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China today is probably more capitalistic than US....
Roger Smith
Roger Smith Dec 03, 2019 11:33AM ET
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Trump purposely does this along with his cabinet so that his buddies can sell all of their stocks before hand. The SEC should investigate Trump for insider trading
Ciprian Gal
Ciprian Gal Dec 03, 2019 11:33AM ET
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he can't hide forever. Even after he is no longer president, they will go after him.
Jon Bal
Jon Bal Dec 03, 2019 11:25AM ET
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stocks down and commodities up? that cant be a good thing
Philip Grabowski
Philip Grabowski Dec 03, 2019 11:21AM ET
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DO what Trump's friends are doing... short the indexes!
Siva Prakash
Siva Prakash Dec 03, 2019 11:21AM ET
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That's exactly what is happening. While trade talks in progress, an higher authority should not comment as any comment do have higher degree of impact in stocks
Leo Woodsman
Leo Woodsman Dec 03, 2019 10:51AM ET
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A couple days, just wait for other officiers to spread next round “very very close” news.
Aaron Last Name
Aaron Last Name Dec 03, 2019 10:51AM ET
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very close to a nothing burger. The deal will benefit the 1%
Ath An
Ath An Dec 03, 2019 10:50AM ET
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I will ban Trump's tweets as spam
Jin News
Jin News Dec 03, 2019 10:12AM ET
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what's wrong with this guy? can't trust his words
Thom Miller
Thom Miller Dec 03, 2019 10:09AM ET
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This is great! Now his many followers will realize he’s been lying to them this whole time. But they figured that out long ago when Mexico didn’t pay for the non-existent wall. And when Obamacare didn’t go away. And who can forget the “perfect” call. Need I go on? There’s a pattern here, folks. LOL......
Tre Hsi
Tre Hsi Dec 03, 2019 10:09AM ET
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Most Trump followers just automatically file anything bad about The Donald as "fake news". Head in the sand approach work for them in the last 3 years, so why bother changing it now?
me ish
me ish Dec 03, 2019 10:09AM ET
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Tre Hsi absolutely - there are none so blind as those who will not see. Once they're emotionally attached to a position, it's amazing how much evidence is needed to shake the human mind from it's position - no matter how ridiculous it seems to all around - this is how cults are formed - clearly some people are far more ripe for fooling than others.
Joe Gie Villanueva
Joe Gie Villanueva Dec 03, 2019 10:08AM ET
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hope the market tanks will buy the low
Thom Miller
Thom Miller Dec 03, 2019 10:04AM ET
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I don’t want to say I told you so......but I told you so. And I’ve been doing so for the past two years. Gee....I must be a “stable genius.”
dhdh bdbd
dhdh bdbd Dec 03, 2019 9:56AM ET
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It's a joke at this point.
Azam Khan
Azam Khan Dec 03, 2019 9:49AM ET
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Market is going to recover soon it's a correction off course it's not going to go up every day it's need to be adjusted
Jack Sparrow
Jack Sparrow Dec 03, 2019 9:46AM ET
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Trump made a full bet on the put option
 
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