US Markets Dip as Trade Tensions Continue
NEW YORK (AP) – Stocks are sinking sharply in morning trading on Wall Street as investors’ worries about the U.S.-China trade dispute deepen.
The Dow Jones Industrial Average fell as many as 406 points shortly after trading began, before paring its drop to about 334 points, or 1.3%. The S&P 500 and Nasdaq composite indexes were down by similar degrees.
Energy stocks led the way lower after the price of benchmark U.S. oil sank more than 5% to drop below $59 per barrel. Technology and industrial stocks were also hit hard, as investors see their profits in particular getting hit in the crossfire of the global trade war. These companies often have many suppliers and customers abroad.
Investors fled to the safety of bonds. The yield on the 10 year Treasury slipped to 2.32%, the lowest level in more than a year and down from 2.39% late Wednesday.