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Stocks- Wall Street Under Pressure as Trade War Intensifies

Stock MarketsJun 19, 2018 09:40AM ET
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© Reuters. Wall Street was lower on Tuesday. – Wall Street slumped on Tuesday as trade war concerns spooked investors.

The S&P 500 was down 20 points or 0.75% to 2,753.08 as of 9:38 AM ET (13:38 GMT) while the Dow composite decreased 323 points or 1.29% to 24,664.33 and tech heavy NASDAQ Composite fell over 57 points or 0.74% to 7,689.58.

Trade tensions between China and the U.S. continued, as the two largest economies in the world faced a tit-for-tat over trade tariffs.

In the latest spat, U.S. President Donald Trump threatened to impose tariffs on another $200 billion of Chinese goods "if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced," the president said.

On Friday Trump announced a 25% tariff on $50 billion Chinese goods, with China promptly retaliating with a 25% tariff on U.S. goods, including soybeans and automobiles, worth $34 billion.

Netflix (NASDAQ:NFLX) was one of the biggest gainers after the morning bell, rising 1.03% after GBH Insights increased its price target for the streaming site to $500.

Meanwhile other technology stocks were down, with Apple (NASDAQ:AAPL) losing 1.34% while Twitter Inc (NYSE:TWTR) fell 1.28% and Tesla (NASDAQ:TSLA) down 0.49%. Bank of America (NYSE:BAC) decreased 1.14% while Boeing (NYSE:BA) slumped 2.65% and AT&T (NYSE:T) inched down 0.60%.

In Europe stocks were down. Germany’s DAX fell 162 points or 1.26% while in France the CAC 40 decreased 62 points or 1.15% and in London, the FTSE 100 was down 35 points or 0.46%. Meanwhile the pan-European Euro Stoxx 50 lost 37 points or 1.07% while Spain’s IBEX 35 slumped 37 points or 0.38%.

In commodities, gold futures fell 0.30% to $1,276.20 troy ounce while crude oil futures decreased 1.43% to $64.75 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.40% to 94.79.

Stocks- Wall Street Under Pressure as Trade War Intensifies

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