US stocks' slide continues: Dow futures point to a lower open - CNN
Tuesday was the worst day for US stocks since January 3, when Apple announced it wouldn't meet its earnings forecast due to lower iPhone sales in China.
The Dow fell more than 600 points at one point and slipped below 26,000 points for the first time since March 29. The Nasdaq dropped below 8,000 points for the first time since April 18.
Shares in the technology and industrials sector were hit particularly hard, because of the industries' inherent global nature. Companies rely on global trade for materials, parts and to sell to their end markets.
In European stocks the picture is similar on Wednesday and all major indexes are lower after a bigger slide on Tuesday.
Asian markets closed broadly lower Wednesday, with China's Shanghai Composite Index (SHCOMP) finished down 1.1%.
The global selloff in stocks comes after the United States made new threats to impose additional tariffs on Chinese imports. That led investors to believe that a market-positive outcome from the trade talks between the US and China was further off than previously believed — and might not lead to a deal at all.
On Sunday, President Donald Trump tweeted that existing tariffs on Chinese goods could be upped to 25% from 10% currently. Treasury secretary Steven Mnuchin and US trade representative Robert Lighthizer confirmed that higher tariffs would be possible by Friday in comments late Monday.
One light at the end of the tunnel is that Chinese Vice Premier Liu He said China would continue to negotiate with the United States, despite the tariffs.
The global stock market declines inspired comparisons of the last big stocks selloff in December. Then, the market was still pricing in more risk of a slowdown in global and perhaps also US growth. But the US economy is chugging along nicely, as the 3.2% first quarter GDP growth proved.
https://cnn.it/2J470uE
2019-05-08 12:14:00Z
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