US markets close in red as Turkey faces US sanctions

Monday, 14. October 2019 22:01

Shares on Wall Street ended the trading session in negative territory on Monday shortly after President Donald Trump announced sanctions against Turkey's former and current officials, as well as a tariff hike on its steel, over military intrusion in Syria.

Meanwhile, a trade deal between the United States and China seems less than certain. Chinese Ministry of Commerce said earlier in the day that the two sides have only agreed to work "in the direction of the final agreement." Media also reported that China wants more talks before signing a "phase 1" deal with Washington. The two sides are still expected to meet again next week and are aiming for a signing of the deal to be done at the APEC summit in November, according to Treasury Secretary Steven Mnuchin.

The Dow Jones Industrial Average closed 0.11% below the flatline. Cisco led the losses, down 1.10%. The Nasdaq 100 was flat, with healthcare firm Henry Schein as the biggest loser and Tesla finishing 3.65% higher. The S&P 500 contracted 0.14%, with fiber laser manufacturer IPG Photonics plunging over 7%.

The euro slid 0.12% against the dollar, going for $1.10252 at 4:03 am ET.

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Breaking the News / NI