NEW YORK - Wall Street stocks fell for a second session in a row on Friday on rising US-China tensions and worries that equities have gotten overvalued.
The move comes amid escalating tensions between the two countries over the coronavirus and China's crackdown on Hong Kong. "It's natural that people are starting to re-evaluate their expectations for forward earnings," said FHN Financial Chris Low.The Dow Jones Industrial Average dropped 0.7 per cent to 26,469.89.
Among individual companies, Dow member Intel plunged 16.2 per cent after it announced that its next-generation chips would be delayed by manufacturing problems.