Stocks slump on new U.S.-China trade jitters

Stocks on Wall Street closed broadly lower Thursday after investors got spooked by a report that cast doubt on the prospects of a long-term U.S.-China trade deal.

Industrial stocks led the selling Thursday after a report from Bloomberg raised concerns about the prospects of a comprehensive trade deal between the United States and China. That overshadowed remarks by President Trump, who said Thursday that both sides are working on finding a location to sign “phase one” of the trade deal.

The flood of company earnings reports and a truce between the U.S. and China largely put investors’ worries about trade on the back burner this month. But a Bloomberg report Thursday helped put investors in a selling mood. The report, citing unnamed sources, suggested Chinese officials are doubtful that they will be able to reach a comprehensive, long-term trade deal with the United States.The world’s two biggest economies have wrangled for more than 15 months over U.S.

“You have the Chinese saying, gee, they’re not sure there’s a possibility for a long-term negotiation here, which is just another reminder that there are big issues still on the table,” said Paul Christopher, head of global market strategy for Wells Fargo Investment Institute. “A phase one deal is not really much of a deal at all.”

Yields were already falling early in the day and fell further after a surprisingly weak survey on business activity in the Midwest. A separate report showed that U.S. consumer spending ticked up last month, though it fell short of economists’ expectations.

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