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Dow Jones falls 245 due to new China tariff fears

01 November, 2018, 23:40 | Author: Sara Gill
  • Donald Trump Xi Jinping

Technology and internet companies, industrials and retailers took steep losses as Wall Street's recent bout of volatility continued.

The S&P 500 Index looked set to extend its rally from a day earlier as more company results rolled in, with General Motors, GlaxoSmithKline and Sprint among those beating expectations. The S&P 500 index fell 0.7 percent to 2,641.25. The Shanghai Composite index rebounded 1.2 percent to 2,573.33 and South Korea's Kospi picked up 1.3 percent to 2,021.82.

Stocks have fallen steeply since early October, breaking a long period of relative calm over the summer. The euro fell to $1.1390 from $1.1412.Tokyo's Nikkei 225 sank 0.2 percent and Seoul's Kospi lost 1.5 percent. Bulls remain on the back foot, with early gains Monday fueled by speculation stocks had gotten cheap during the sell-off wiped out in afternoon trading. Microsoft shed 2.9 percent to $103.85. Netflix and Google parent Alphabet were down 5 percent and 4.8 percent, respectively.

Marijuana producers pushed health care stocks higher by 1.4 per cent. Aphria Inc. rose 6.3 per cent, while Aurora Cannabis Inc. and Canopy Growth Corp. increased 2 per cent and 1.5 per cent, respectively. The online retailer also tumbled Friday after it reported weak sales and gave a lower-than-expected revenue estimate for the quarter that includes the holiday shopping season. The Nasdaq has plunged 13 percent from its record high reached August 29.

Since March, the Trump administration has introduced several waves of tariffs worth tens of billions of dollars against Chinese goods in an effort to rebuild the USA industrial base.

A person familiar with the United States administration's tariff deliberations told Reuters news agency there could soon be movement towards a new round of tariffs, adding that "the wheels are turning" in that direction. Most of those imports are now being charged a 10 percent tariff, which is set to increase to 25 percent at the end of the year.

"I think it's a reflection of the lack of conviction that we have in the market right now", Fehr said in an interview. IBM fell 4.1% to $119.64.

Indeed, mixed messages have become a recurring feature of the administration's approach to China during the trade war, including from the president, who has on a number of occasions made discouraging remarks about the prospect of resolution through dialogue, including talks proposed at the invitation of the US Treasury. Any slowdown in China would weigh on New Zealand exports.


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