Wall Street opens lower, Dow drops almost 250 pts

Tuesday, 03. September 2019 15:30

United States stocks opened in the red on the first trading day of the week after both the US and China began imposing tariffs on each other's goods over the weekend. The former started implementing its tariffs on $112 billion of Chinese goods on Sunday while China responded by imposing a 5% levy on US crude oil imports. The world's most populous country also said it would file a complaint with the World Trade Organization and announced new tariffs on phenol from the US and a host of other countries. In other news, investors also awaited construction and manufacturing data for the US due for release after the opening bell.

The Dow Jones Industrial Average was down 0.92% or 238 points as Apple Inc. dropped 1.01% while the Nasdaq 100 fell 0.81% on the back of Wynn Resorts Ltd's losses of 3.30%. The S&P 500 was 0.74% lower as Alexion Pharmaceuticals Inc. sank 2.14%.

The euro tumbled 0.26% against the dollar to change hands for 1.09417 at 9:29 am ET. Meanwhile, the British pound pared earlier losses and dropped 0.33% against the greenback to go for 1.20272 at the same time.

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