Stock market today: Trade worries hit technology stocks, pulling Wall Street lower

NEW YORK — Wall Street’s record-setting rally ran into a wall as worries about worsening trade tensions with China slammed some of the market’s biggest winners of the year. The S&P 500 was 0.9% lower early Wednesday, a day after setting an all-time high for the 38th time this year. The Dow Jones Industrial Average edged up 46 points while the Nasdaq composite dropped 1.7%.

The United States has blocked Chinese access to advanced chips and the equipment to make them, citing security concerns, and urged its allies to follow suit. Most have strengthened their controls but many companies in the industry continue to do business with China. Markets in Taiwan were rattled by comments by former President Donald Trump to Bloomberg criticizing the self-governed island claimed by Beijing, which the U.S. is obligated by treaty to defense if it is attacked.

Elsewhere in Asia, Australia’s S&P/ASX 200 advanced 0.7% to 8,057.90 after hitting an all-time high of 8,083.70 during morning trading. South Korea’s Kospi shed 0.8% to 2,843.29. In other dealings, U.S. benchmark crude oil added 72 cents to $81.46 per barrel in electronic trading on the New York Mercantile Exchange.The euro rose to $1.0943 from $1.0897.

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