Tuesday, 24 April, 2018

USA shares end down Wednesday on fear of trade war with China

Nellie Chapman | 17 March, 2018, 14:12

Volume on USA exchanges was 6.53 billion shares, compared to the 7.14 billion average over the last 20 trading days.

"Trump's trigger-happy use of tariffs against the second-largest economy in the world would quickly backfire on the US", says Bernard Baumohl, chief global economist at the Economic Outlook Group.

Boeing's (BA.N) 4 percent fall contributed to about 100 points drop in the blue-chip index, with traders citing continuing fallout from Tuesday's reports that U.S. President Donald Trump could impose tariffs on up to $60 billion of Chinese imports.

Citigroup lost 1.9 percent Wednesday and aerospace giant Boeing gave up 2.5 percent.

Advance estimates of United States retail and food services sales for February 2018 came in at $492 billion, a decrease of 0.1 per cent from the previous month, missing market consensus of a 0.4-per cent gain, the Commerce Department said on Wednesday.

The Russell 2000 is up 41.11 points, or 2.7 percent.

Signet Jewelers (SIG.N) fell about 17 percent after the company reported lower same-store sales in the fourth quarter.

Major U.S. manufacturers have been the heaviest hit since Trump trailered and then announced tariffs on steel and aluminum imports earlier this month.

The S&P 500 index declined 2.15 points, or 0.1 percent, to 2,747.33.

The technological Nasdaq Composite finished the day with decrease of 1% and put an end to its 7-day growth.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.81 percent.

A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., March 14, 2018. NextEra Energy gained 1.5 percent.

Qualcomm shares were the worst performing in the S&P 500 technology sector, declining by 5%.

At 9:59 a.m. ET, the Dow Jones Industrial Average was up 0.08 percent at 25,027.92.

The Nasdaq is up 578.35 points, or 8.4 percent.