Published: Thu, June 28, 2018
Markets | By Otis Pena

Trade worries weigh on Wall Street, tech stocks suffer

Trade worries weigh on Wall Street, tech stocks suffer

Asian markets were mostly lower on Tuesday, as moves by the U.S to gain an upper hand on trade with China weighed on the technology sector.

The Dow Jones Industrial Average sank 328.09 points, or 1.3 per cent, to 24,252.80.

Its stock fell 1.4 percent to $43.59. Tokyo's Nikkei 225 shed 0.8% and in South Korea the Kospi was little changed. The Russell 2000 index of smaller-company stocks slid 28.07 points, or 1.7%, to 1,657.51.

US stocks sank in a broad sell-off on Monday, with the S&P 500 dropping more than 1.5 percent and technology firms bearing the brunt of an escalating trade dispute between the United States and other leading economies.

Treasury Secretary Steven Mnuchin suggested the investment restrictions would not be limited to China and the losses deepened. The S&P 500 index was up 4.12 points to 2,721.19 and the Nasdaq composite index was up 14.75 points to 7,546.76. Harley-Davidson said it would move some production overseas to avoid tariffs the European Union is placing on motorcycles made in the U.S. Those tariffs were a response to taxes the U.S. placed on steel and aluminum from Europe.

USA stocks are opening lower on Wall Street Monday amid fresh trade worries buffeting stock markets around the world.

MA reports 1st West Nile virus positive mosquito
No human cases of the virus have turned up this year in Pennsylvania, but in previous years, humans have contracted the disease. Since its discovery in 1999, the virus has been found in over 300 species of birds around the USA , according to the CDC.

A separate report by the Wall Street Journal said the U.S. Commerce Department and National Security Council were proposing "enhanced" export controls to keep such technologies from being shipped to China.

The S&P 500 index lost 40 points or 1.5 percent to 2,714, and the Nasdaq fell 161 points or 2.1 percent to 7,530. All 72 of the technology companies listed on the S&P 500 were trading lower.

Investors raised concern that the escalating trade threats could lead to similar moves from other companies and dampen US economic growth. He has since escalated that to threats of tariffs on billions more dollars of goods imported into the United States, causing threats of retaliation from China. He's also pressuring China to buy more USA -made goods. China and the European Union agreed on Monday to launch a group that will, among other things, try to preserve support for global trade amid USA threats of import controls. "There is a sense that trade tensions could be long drawn and somewhat more antagonistic going forward", said Vishnu Varathan, head of economics and macro strategy at Mizuho Bank. But investors aren't sure if the cartel will carry it out. Harley-Davidson shares plunged 6.0 percent on Monday.

ENERGY: Benchmark U.S. crude was down 2 cents to $68.06 per barrel in NY. Brent crude, used to price worldwide oils, dropped 1.1 percent to $74.73 per barrel in London.

The Canadian dollar was trading at 75.12 cents USA, down from Monday's average value of 75.17 cents US. The euro strengthened to $1.1718 from $1.1704.

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