Wall Street down as trade tensions weigh on tech, consumer discretionary stocks
By Stephen Culp NEW YORK (Reuters) - U.S. stocks fell on Monday led by declines in Apple and Amazon as investors took profits ahead of President Donald Trump's expected announcement of new tariffs on $200 billion of Chinese imports. All three major U.S
By Stephen Culp
NEW YORK (Reuters) - U.S. stocks fell on Monday led by declines in Apple and Amazon as investors took profits ahead of President Donald Trump's expected announcement of new tariffs on $200 billion of Chinese imports.
All three major U.S. indexes were lower, with the tech-heavy Nasdaq down the most.
China has vowed that it will not play defence in the escalating trade war, ratcheting up tensions as a new list of items subject to tariffs, including technology and consumer goods was anticipated from Washington.
Consumer discretionary <.SPLRCD> and technology <.SPLRCT> were the biggest percentage losers on the S&P 500, falling 1.0 percent and 0.9 percent, respectively.
"There's the overhang of a potential trade war, which is obviously what's keeping the market suppressed," said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York.
All of the so-called FAANG group of momentum stocks were trading lower. Netflix
"When you see some of these names that have been up 40, 50, 60 percent year-to-date, taking some profit is the prudent thing to do," Pursche added.
Retailers including Macy's Inc
The Dow Jones Industrial Average <.DJI> fell 58.47 points, or 0.22 percent, to 26,096.2, the S&P 500 <.SPX> lost 11.74 points, or 0.40 percent, to 2,893.24 and the Nasdaq Composite <.IXIC> dropped 81.21 points, or 1.01 percent, to 7,928.84.
Of the 11 major S&P 500 sectors, six were lower.
The CBOE Volatility index <.VIX>, a gauge of investor anxiety, rose 1.02 points, posting its first increase in six sessions.
Declining issues outnumbered advancing ones on the NYSE by a 1.28-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favoured decliners.
The S&P 500 posted 33 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 44 new highs and 68 new lows.
(Reporting by Stephen Culp; Editing by Alistair Bell)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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