US: Stocks fall amid rising China tensions

Wall Street stocks fell for a second session in a row Friday on rising US-China tensions and worries that equities have gotten overvalued.[NEW YORK] Wall Street stocks fell for a second session in a row Friday on rising US-China tensions and worries that equities have gotten overvalued.

Beijing ordered the US consulate in Chengdu to shut in retaliation for the closure of its own Houston mission. The move comes amid escalating tensions between the two countries over the coronavirus and China's crackdown on Hong Kong. Analysts also cited unease over the hefty gains by equities since March despite a highly uncertain US economic outlook due to the coronavirus that has led to many companies refraining from forecasting earnings.

"It's natural that people are starting to re-evaluate their expectations for forward earnings," said FHN Financial Chris Low."That gets people thinking about valuation."

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