Stocks dip again on worries about tech, tariffs

A trader works on the floor of the New York Stock Exchange in New York U.S. on Monday Oct. 29

A trader works on the floor of the New York Stock Exchange in New York U.S. on Monday Oct. 29

The list would apply to the imports from the Asian nation that aren't already covered by previous rounds of tariffs - which may be $257 billion using last year's import figures, according to two of the people.

Trump has already imposed tariffs on $250bn worth of Chinese goods, and China responded with retaliatory duties on $110bn worth of United States goods.

Technology companies sank again after Bloomberg News reported that the planning new tariffs if the two sides don't make progress in trade talks next month. They've been taken out an average of USD500 billion a year for many years.

The trade war between China and the US will not be ending soon.

The report sent a market that was rising after promising tech news back down, causing the Dow and S&P 500 to give up their gains for the year.

ASIA'S DAY: Japan's Nikkei 225 index jumped 1.5 percent to 21,457.29 after official data showed that the unemployment rate eased to 2.3 percent in September, from 2.4 percent a month earlier.

Stocks took a tumble Monday with the Dow Jones Industrial Averageexperiencing a dramatic swing to close down almost 250 points amid concerns of another wave of Chines tariffs.

The prospect of reduced barriers to trade helped automakers.

While the proposed new tariffs have yet to be confirmed, the Bloomberg report is in line with a Wall Street Journal report last week that the USA was refusing to "resume trade negotiations with China until Beijing comes up with a concrete proposal to address Washington's complaints about forced technology transfers and other issues".

Nintendo Switch Reaches New Sales Milestone, But Still Far Off Target
Highly anticipated: Nintendo's Switch is midway through its second year and sales continue to be incredibly solid. Nintendo has previously said it will release another smartphone title, Mario Kart Tours, sometime before April.

With the initial market reaction, Wall Street came under a heavy selling pressure and Nasdaq was last seen down 1.26% on the day while the DJIA and the S&P 500 indexes were losing 0.25% 0.05%, respectively.

"I think it's a reflection of the lack of conviction that we have in the market right now", Fehr said in an interview.

The Stoxx Europe 600 Index surged 1.3 percent to the highest in a week. dropped another 6.3 percent to $1,538.88. The S&P 500 index has dropped 9.4 percent in October and is on track for its worst monthly loss since February 2009. The euro fell to $1.1354 from $1.1372.

The yield on 10-year Treasuries added one basis point to 3.08 percent.

US crude fell 1.06 percent to $66.33 per barrel and Brent was last at $76.30, down 1.34 percent.

The price of US crude oil fell 0.8% to $67.04 a barrel in NY. "You have two of the most powerful leaders in the world".

The dollar rose to 112.35 yen from 111.85 yen.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.