Economy

Wall St tumbles on tech, trade war worries

Wall St tumbles on tech, trade war worries

China retaliated on Monday by slapping duties of up to 25 per cent on USA food imports, including pork, fruit, nuts and wine.

Stocks closed sharply lower on Wall Street as technology companies took heavy losses and investors anxious about escalating trade tensions with China.

The S&P 500 fell 58 points, or 2.2 percent, to 2,581, slightly above its low for the year reached February 8.

The S&P 500 rose 0.37 per cent to 2,591.43 and the Nasdaq Composite gained 0.57 per cent to 6,909.08.

U.S. Treasury prices are lower, with the benchmark 10-year yield up 3 bps at 2.76% and the two-year yield also 3 bps higher at 2.27%. Stock in Amazon fell another 5.2 percent Monday after heavy losses late last week.

Benchmark U.S. crude lost $1.83, or 2.8 percent, to $63.12 a barrel in NY. There are a number of points of contention between China and Washington, Europe and Japan over a state-led economic model they complain hampers market access, protects Chinese companies and subsidizes exports in violation of Beijing's free-trade commitments.

Amazon AMZN.O dropped more than 4 percent after President Donald Trump launched his latest attack over the pricing of the online retailer's deliveries through the US postal system and promised unspecified changes.

The looming threat of tighter regulation of the tech sector in Europe and the US prompted investors to pull money out of high-flying companies, such as Netflix, Microsoft and Alphabet, Google's parent company. "Amazon should pay these costs (plus) and not have them bourne [sic] by the American Taxpayer".

Advancing issues outnumbered declining ones on the NYSE by a 3.66-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favored advancers. The tax on USA goods could include pork, soybeans and fruit as well as aircraft. He then proceeded to exempt most major USA trading partners from the levies, leaving the bulk of the measures aimed squarely at Beijing.

Ten of the 11 stock sectors closed in correction territory Monday.

Health insurer Humana Inc's shares closed up 4.4 per cent on news it was in talks with Walmart to expand their partnership or possibly be acquired by the retailer. Tesla Inc., the heavily indebted electric vehicle maker, is struggling to explain what caused a fatal accident last month in which one of its vehicles crashed into a concrete lane divider while on autopilot.

Benchmark U.S. crude lost $1.76, or 2.7 percent, to $63.18 a barrel in NY.

Specialist Peter Giacchi, center, stands on the floor of the New York Stock Exchange, Tuesday, April 3, 2018. Brent crude, used to price global oils, slid $1.52, or 2.2 percent, to $67.82 a barrel in London.

The dollar edged down to 105.87 yen from Monday's 105.89 yen as currency traders shifted money into the Japanese currency, seen as a haven in times of market turmoil. Hong Kong's Hang Seng bucked the trend, ending up 0.2 percent. The euro fell to $1.2267 from $1.2300.


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