Stocks fall again in the US report plan more tariffs
Stocks fall again in the US report plan more tariffs
The fear that the Trump administration announces tariffs on all remaining imports of China helped the US actions UU they will go from a strong early gain to another strong loss on Monday.
Technology companies sank again after Bloomberg News reported that the United States is planning new tariffs if the two sides do not advance in trade negotiations next month.
Technology and internet companies, industrials and retailers suffered heavy losses because Wall Street's recent volatility continued. The S & P 500 index fell 9.4 percent in October and is on track for its worst monthly loss since February 2009. That was just before the market reached its lowest point during the 2008-2009 financial crisis.
Bloomberg News reported that the Trump government will impose tariffs on the rest of the country's imports from China if Presidents Donald Trump and Xi Jinping fail to make substantial progress in easing the trade dispute next month.
The S & P 500 index fell 17.44 points, or 0.7 percent, to 2,641.25.
The Dow Jones Industrial Average gained up to 352 points on Monday morning, but closed 245.39 points, or 1 percent, at 24,442.92. It fell to 566 during the day.
The Nasdaq compound, which is heavily weighted with technology stocks, lost 116.92 points, or 1.6 percent, to 7,050.29. The Russell 2000 index of shares of smaller companies yielded 6.51 points, or 0.4 percent, to 1,447.31.
Stocks have plummeted since the beginning of October, breaking a long period of relative calm during the summer, and trade has been especially volatile in recent days.
Among industrialists, Boeing sank 6.6 percent to $ 335.59. Some initial gains for technology and internet shares also vanished. Microsoft dropped 2.9 percent to $ 103.85. Alphabet, the parent company of Google, lost 4.5 percent to $ 1,034.73.
Amazon.com dropped another 6.3 percent to $ 1,538.88. The online retailer fell on Friday after it reported weak sales and gave a lower-than-expected revenue estimate for the quarter that includes the holiday shopping season. Its shares were quoted above $ 2,000 per share at the beginning of September and since then they have fallen by 24.5 percent.
The S & P 500, the main point of reference for the US UU stock Exchange, has fallen 9.9 percent since its last historic high of September 20. The Nasdaq has fallen 13 percent from its all-time high hit on August 29.
For most of this year, investors have maintained hope that the United States and China will resolve their disagreements over trade policy and that many of the tariffs will be reduced or eliminated. But in recent weeks they have lost part of their confidence, and that has contributed to the fall of the market.
The effects of higher tariffs could be particularly severe for technology companies, which manufacture many of their products in China, and for industrial companies, which are already paying higher prices for metals. The United States and China are the largest economies in the world and their trade relationship is the largest in the world, so higher taxes on imports could also slow down world economic growth and increase inflation.
While most technology companies fell, the open source software company Red Hat jumped after IBM agreed to buy it for 34 billion dollars in stock. IBM president and CEO Ginni Rometty said the agreement will make IBM the world's largest hybrid cloud provider, which means it will offer companies a combination of on-site, private and third-party public cloud services. .
Red Hat shot up 45.4 percent to $ 169.63, reversing its losses earlier this year. IBM fell 4.1 percent to $ 119.64.
The prospect of reducing trade barriers helped automakers on Monday. Auto companies rose after Bloomberg News reported that regulators in China intend to propose reducing the tax on imported cars to 5 percent from 10 percent. The trade struggle between the United States and China has affected sales, and that slowdown is one of several factors that have damaged the stocks of car companies this year.
Ford rose 3.3 percent to $ 9.28 and auto parts retailer BorgWarner advanced 4 percent to $ 39.56. After Cooper Tire & Rubber reported a higher third-quarter profit than analysts expected, its shares rose 21.4 percent to $ 30.89.
The DAX of Germany rose by 1.2 percent, as Volkswagen, Daimler and BMW made big gains. Italy's FTSE MIB index rose 1.9 percent after Standard & Poor's did not lower the company's credit rating. The plans of the new government of Italy to increase spending and the leaders of the European Union have demanded that he change his plans.
The CAC 40 in France added 0.4 percent and the British FTSE 100 rose 1.3 percent.
Mexico's stock market index lost 4.2 percent after President-elect Andres Manuel Lopez Obrador said he would respect the outcome of a referendum that rejected a new airport partially built for Mexico City. He said that 70 percent of voters opposed the $ 13 billion project.
The Brazilian Bovespa increased in the morning's operations after far-right politician Jair Bolsonaro was elected president, but then became lower and lost 2.2 percent. Stocks rose earlier this month after Bolsonaro led the previous round of voting, as investors preferred it to left-wing parties.
The prices of the bonds fell. The yield on 10-year Treasuries rose to 3.08 percent from 3.07 percent.
The price of US crude fell by 0.8 percent to $ 67.04 per barrel in New York, while Brent crude, used to price international oil, lost 0.4 percent to $ 77.34 a barrel. in London.
Wholesale gasoline added 0.5 percent to $ 1.82 per gallon and heating oil slipped 0.8 percent to $ 2.28 per gallon. Natural gas remained unchanged at $ 3.19 per 1,000 cubic feet.
Gold lost 0.7 percent to $ 1,227.60 an ounce. Silver fell 1.8 percent to $ 14.44 an ounce. Copper was changed slightly to $ 2.74 per pound.
The dollar rose to 112.35 yen from 111.85 yen. The euro fell to $ 1.1390 from $ 1.1412.
The Nikkei 225 in Tokyo sank 0.2 percent and the Kospi in Seoul lost 1.5 percent. The Hang Seng of Hong Kong advanced 0.4 percent.
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You can contact the AP Markets writer, Marley Jay, at http://twitter.com/MarleyJayAP
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