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Stocks drop to begin September amid new US-China tariffs, weak US manufacturing data

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The stock market finished in the red on the first trading day of September. The Dow dropped by 283 points as new China tariffs took effect this weekend and weak U.S. manufacturing data was reported. The S&P 500 lost 0.7% while the Nasdaq fell 1.1%.

Equities hit their session lows after the Institute for Supply Management said U.S. manufacturing activity contracted last. The Dow lost as much as 1.6%, or 425.06 points. The S&P 500 and Nasdaq briefly dropped 1.2% and 1.5%, respectively.

The U.S. imposed 15% tariffs on a variety of Chinese goods on Sunday, while China imposed new charges on U.S. products from Sept. 1. It marked the"That adds to the concerns on whether there is a viable path for negotiation," said Quincy Krosby, chief market strategist at Prudential Financial. "The market is vulnerable to these moves on misery and optimism regarding the talks."

Retail stocks fell broadly. The SPDR S&P Retail ETF closed 1.5% lower, led by declines in Signet Jewelers and Guess. Signet dropped 9.5% while Guess lost 8.1%. Chipmakers such as Nvidia and Skyworks Solutions fell 2% and 1.5%, respectively. Boeing and Caterpillar both declined more than 1.6% while Apple lost 1.5%. Boeing was also under pressure after a report said the 737 Max jet could remain

 

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Why r leaders allowing Brokeahontas realDonaldTrump 2 lie his tariff war working & US has $$ gained? Trump inherited strong market & economy from BarackObama but he’s destroying it.. deficit growing & farmers suffering! crampell business kevtibs DNC

LittleDonnie was a BAD BOY to play with the grown-up Mr Obama's Bull Market and bweak it.

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