Dow drops 300 pts on Trump's trade remarks

Tuesday, 03. December 2019 15:30

Markets in the United States opened in the red on Tuesday on fresh concerns the US and China will not resolve their trade dispute anytime soon. US President Donald Trump claimed China wants to strike a trade deal with the US but stressed there is "no deadline" on reaching the agreement and he may prefer a deal after the 2020 presidential election. Stocks were also affected by Washington's threat to target $2.4 billion worth of French goods with tariffs of up to 100% in response to Paris' decision to introduce a digital tax.

The Dow Jones Industrial Average fell 1.20% or 327 points at 9:31 am ET. 3M led the losses as its stock lost 1.49% at 9:31 am ET.

The Nasdaq 100 dropped 1.38% at 9:32 am ET with Wynn Resorts, down 3.85%, as the worst performer.

The S&P 500 slid 1.13% at 9:32 am ET. The index was pulled down by Freeport-McMoRan, whose shares plunged 4.15% at 9:31 am ET.

The euro traded flat against the dollar, going for 1.10842 at 9:33 am ET, while the pound rose 0.40% against the greenback to sell for 1.30 at 9:34 am ET.

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Breaking the News / NP