AP NEWS

Markets Right Now: Worsening trade tensions sink stocks

May 7, 2019
FILE - In this April 11, 2019, file photo trader John Panin works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Tuesday, May 7. (AP Photo/Richard Drew, File)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

An escalating showdown between the U.S. and China over trade sent shudders through the stock market, handing the S&P 500 is biggest loss since late March.

Technology and industrial stocks, which do a lot of business with China and would stand to suffer greatly in a protracted trade war, led the way lower on Tuesday.

Apple lost 2.7% and United Technologies fell 3.4%

China’s top economic official travels to Washington this week ahead of a Friday deadline by which Washington said it would sharply raise tariffs on Chinese goods.

Safe-play sectors like utilities held up better than the rest of the market.

The S&P 500 fell 48 points, or 1.7%, to 2,884.

The Dow fell 473 points, or 1.8%, to 25,965. The Nasdaq fell 159 points, or 2%, to 7,963.

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1:20 p.m.

Stocks are falling sharply on Wall Street as the U.S. and China move closer to an escalation of their trade fight.

The Dow Jones Industrial Average is down more than 500 points.

Technology companies, which rely heavily on trade with China, bore the brunt of the selling on Tuesday. Apple lost 2.1% and Microsoft gave back 2.2%

China’s top economic official will travel to Washington this week ahead of a Friday deadline by which Washington said it would sharply raise tariffs on Chinese goods.

Safe-play sectors like utilities held up better than the rest of the market.

The S&P 500 fell 54 points, or 1.9%, to 2,877.

The Dow fell 506 points, or 1.9%, to 25,931. The Nasdaq fell 175 points, or 2.2%, to 7,947.

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11:45 a.m.

Stocks are falling sharply on Wall Street as the U.S. and China move closer to an escalation of their trade fight.

Technology companies, which rely heavily on trade with China, bore the brunt of the selling on Tuesday. Apple lost 2.2% and Microsoft gave back 2.1%

China’s top economic official will travel to Washington this week ahead of a Friday deadline by which Washington said it would sharply raise tariffs on Chinese goods.

Safe-play sectors like utilities held up better than the rest of the market.

The S&P 500 fell 48 points, or 1.7%, to 2,883.

The Dow Jones Industrial Average lost 447 points, or 1.7%, to 25,990. The Nasdaq fell 149 points, or 1.8%, to 7,974.

Bond prices rose. The yield on the 10 year Treasury fell to 2.46%.

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9:35 a.m.

Stocks are opening broadly lower with the biggest losses going to technology companies and banks.

Chipmaker Intel fell 1.2% early Tuesday. Bank of America fell 1.3%.

Traders are keeping a close eye on trade talks between the U.S. and China. China’s top economic official will travel to Washington this week ahead of a Friday deadline by which Washington said it would sharply raise tariffs on Chinese goods.

Safe-play sectors like utilities and real estate companies held up better than the rest of the market.

The S&P 500 fell 22 points, or 0.8%, to 2,908.

The Dow Jones Industrial Average lost 212 points, or 0.8%, to 26,228. The Nasdaq fell 66 points, or 0.8%, to 8,057.

Bond prices rose. The yield on the 10 year Treasury fell to 2.47%.