US stocks dip after latest tariff moves
Traders work on the floor of the New York Stock Exchange. (Photo: REUTERS/Brendan McDermid)
NEW YORK: Wall Street stocks retreated on Thursday (Aug 23), with markets eyeing US-China trade talks while President Donald Trump warned of dire economic consequences from his impeachment.The Dow Jones Industrial Average finished down 76.62 points (0.30 per cent) to 25,656.98.
The broad-based S&P 500 shed 4.84 points (0.17 per cent) to 2,856.98, while the tech-rich Nasdaq Composite Index dropped 10.64 points (0.13 per cent) to 7,878.46.Representatives from Beijing met with their US counterparts in Washington to try to make headway on an ongoing clash between the two economic giants.The talks came as the US slapped 25 per cent tariffs on US$16 billion more in Chinese goods, prompting retaliatory levies from Beijing."Every time you talk about tariffs, it's not good for equities," said Mike Mattioli, portfolio manager at Manulife Asset Management.
Trump, meanwhile, told an interviewer on Fox that his impeachment would "crash" the stock market. The comments came amid rising speculation of impeachment after Trump's former campaign manager was convicted Tuesday and his ex-lawyer pleaded guilty to criminal charges.Stocks of US companies with significant China operations were under pressure, including Boeing, down 0.8 per cent, Caterpillar, down 2.0 per cent and Deere & Company, down 1.0 per cent.Harley-Davidson fell 0.2 per cent after S&P downgraded its credit rating, citing weak sales trends in the US market.Retailer Williams-Sonoma surged 16.4 per cent as it boosted its full-year sales and profit forecast following a 6.1 per cent rise in second-quarter revenues to US$1.3 billion.
Analysts were looking ahead to an appearance on Friday by Federal Reserve Chair Jerome Powell at an annual central banker conference in Jackson Hole, Wyoming.
Source : https://www.channelnewsasia.com/news/business/us-stocks-dip-after-latest-tariff-moves-10646796