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Stocks - Wall Street Falls as Trump Tweets Erase Trade Enthusiasm

Stock MarketsDec 04, 2018 10:24AM ET
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Investing.com - Wall Street was firmly in the red Tuesday morning as tweets from President Donald Trump about U.S.-China trade negotiations and his love of tariffs poured cold water on the exuberance seen in the previous session.

The S&P 500 fell 19.29 points, or 0.69%, to 2,771.08 as of 10:22 AM ET (15:22 GMT), while the Dow decreased 193.96 points, or 0.75%, to 25,632.47 and the tech-heavy Nasdaq Composite slipped 47.19 points, or 0.63%, to 7,394.33.

Traders were already questioning the trade war ceasefire as "it isn't very clear on what both sides agreed to, other than just a temporary truce," Scott Brown, chief economist at Raymond James in St. Petersburg, Florida said.

After the opening bell Trump tweeted that his negotiating team would be seeing “whether or not a REAL deal with China is actually possible,” a different tone from the positive tweets the day before about a leap forward in the country’s relationship with China.

Trump also reaffirmed his love of tariffs, something that tends to sour the market, saying, “I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so.”

Technology stocks were among the hardest hit, with Apple (NASDAQ:AAPL) down 1.6% and Amazon.com (NASDAQ:AMZN) decreasing 0.4%. Semiconductor company Micron (NASDAQ:MU) fell 3%, while Bank of America (NYSE:BAC) also dipped 3%. Boeing (NYSE:BA) slipped 1.4% after news that Lion Air is thinking about canceling airplane orders from the company.

Facebook (NASDAQ:FB) rallied 1.4%, while Tesla (NASDAQ:TSLA) was up 1.2% and Cronos Group (NASDAQ:CRON) rose 6% amid news that Altria (NYSE:MO) is in talks to invest in the cannabis group.

In commodities, gold futures rose 0.56% to $1,246.50 a troy ounce and crude oil increased 0.34% to $53.13 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, lost 0.37% to 96.61.

-- Reuters contributed to this report.

Stocks - Wall Street Falls as Trump Tweets Erase Trade Enthusiasm
 

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Comments (4)
Holly Sorensen
Holly Sorensen Dec 04, 2018 12:01PM ET
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trump is the worst thing to ever happen to this country
Kelton Bajo
Kelton Bajo Dec 04, 2018 11:56AM ET
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cant wait until tesla pops. i dont get why its hitting at $365. last time it reached 370 was because of elon stupid 420 tweet.
rama bhupal
rama bhupal Dec 04, 2018 11:35AM ET
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he might have taken big position. trump is trading heavily in wall street. I wish he tweets before this statement whether he is long or shor t
Brady Murray
Brady Murray Dec 04, 2018 10:32AM ET
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pot is up. yay. I don't understand Tsla. no profit astronomical debt. but it goes up.
 
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