Wall Street dips as tariff worries push industrials lower
By Amy Caren Daniel (Reuters) - U.S. stocks dipped in choppy trading on Tuesday after President Donald Trump's threat to move ahead with additional tariffs on Chinese goods weighed on industrial stocks
By Amy Caren Daniel
(Reuters) - U.S. stocks dipped in choppy trading on Tuesday after President Donald Trump's threat to move ahead with additional tariffs on Chinese goods weighed on industrial stocks.
Trump said he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from 10 percent at the start of 2019.
Trump is due to meet Chinese President Xi Jinping at the G20 Summit in Buenos Aires this week, but his latest comments have given little hope about the two countries resolving their trade dispute, which has battered financial markets this year.
The trade-sensitive industrial sector <.SPLRCI> fell 0.97 percent, with Boeing Co
United Technologies Corp
"Until we get more clarification on the trade front, we are going to see some choppy waters," said Ryan Nauman, Market Strategist at Informa Financial Intelligence, Zephyr Cove, Nevada.
Wall Street's main indexes swung between gains and losses during the session, but are currently off their session lows with Apple Inc
The iPhone maker's shares fell as much as 2.1 percent earlier in the session after Trump said tariffs could be placed on the company's laptops and iPhones imported from China. Shares were last down 0.9 percent.
Philadelphia SE Semiconductor index <.SOX> rose 0.16 percent, reversing earlier losses. Maxim Integrated
"A lot of these bounces you see are from significant oversold conditions," said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.
At 13:12 a.m. EDT the Dow Jones Industrial Average <.DJI> was down 66.26 points, or 0.27 percent, at 24,573.98, the S&P 500 <.SPX> was down 5.10 points, or 0.19 percent, at 2,668.35 and the Nasdaq Composite <.IXIC> was down 25.97 points, or 0.37 percent, at 7,055.88.
Federal Reserve Vice Chairman Richard Clarida said the central bank should continue to gradually raise interest rates, but it is "especially important" to closely monitor new economic data as monetary policy is getting close to a neutral stance.
Fed Chairman Jerome Powell is scheduled to speak on Wednesday and his commentary will be closely watched for further clues on the path of interest rate hikes and the health of the economy in the face of rising trade tensions.
Declining issues outnumbered advancers for a 1.96-to-1 ratio on the NYSE and for a 2.08-to-1 ratio on the Nasdaq.
The S&P index recorded two new 52-week highs and seven new lows, while the Nasdaq recorded 14 new highs and 111 new lows.
(Reporting by Amy Caren Daniel in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Guinea president 'captured', govt dissolved, claim army putschists'; attack on presidential palace repulsed, say authorities
Reports suggest that they captured President Alpha Conde and dissolved the government, bust the ground situation remains unclear
NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.
By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.