Markets Right Now: Markets shudder as trade tensions flare

Business News
Fred DeMarco

Trader Fred DeMarco works on the floor of the New York Stock Exchange, Friday, Aug. 23, 2019. Stocks tumbled on Wall Street after President Donald Trump said he “hereby ordered” U.S. companies to consider alternatives to doing business in China. (AP Photo/Richard Drew)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4:00 p.m.

Markets are closing sharply lower after the latest escalation of the U.S.-China trade dispute.

President Donald Trump said U.S. companies are “hereby ordered” to find an alternative to doing business with China after Beijing announced tariffs on $75 billion of U.S. goods.

The Dow Jones industrials sank 623 points, or 2.4%.

Bond prices soared, sending yields lower. The yield on the 10 year Treasury fell to 1.52%.

Technology companies, which have much to lose in the trade battle, fell the most. Apple dropped 4.6%.

Trump also said he was “ordering” UPS, Federal Express and Amazon to block deliveries from China of the opioid fentanyl. FedEx and UPS sank.

The S&P 500 fell 75 points, or 2.6%, to 2,847. The Nasdaq dropped 239 points, or 3%, to 7,751.

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1:08 p.m.

Markets are sinking after President Donald Trump said U.S. companies are “hereby ordered” to find an alternative to doing business with China following Beijing’s latest tariff increase.

The Dow Jones Industrial Average sank 500 points Friday after the president made the announcements on Twitter.

Bond prices soared, sending yields lower. The yield on the 10 year Treasury fell to 1.52%.

Technology companies, which have much to lose in the trade battle, fell the most. Apple dropped 4.3%.

Trump also said he was “ordering” UPS, Federal Express and Amazon to block deliveries from China of the powerful opiod fentanyl. FedEd and UPS sank.

The Dow fell 523, or 2%, to 25,729.

The S&P 500 fell 59 points, or 2%, to 2,863. The Nasdaq dropped 194 points, or 2.4%, to 7,798.

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11:45 a.m.

Stocks are falling sharply after President Donald Trump unleashed a verbal attack on China, saying he was ordering U.S. companies to find an alternative to doing business with the country. He also said he would respond to Beijing’s latest tariff increase.

The Dow Jones Industrial Average sank more than 400 points Friday after the president made the announcements on Twitter. Bond prices also rose sharply.

Trump also said he was ordering UPS, Federal Express and Amazon to block any deliveries from China of the powerful opiod drug fentanyl. UPS and FedEx each fell 2.8%.

Technology companies, which have much to lose in the trade battle, fell the most. Apple fell 4%.

The Dow fell 426, or 1.6%, to 25,832.

The S&P 500 fell 1.7% and the Nasdaq lost 2.1%.

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11:13 a.m.

Stocks are falling sharply on Wall Street after President Donald Trump said he would respond to China’s latest tariff increase and called on U.S. companies to consider alternatives to doing business in China.

Trump on Friday also ordered UPS, Federal Express and Amazon to block any deliveries from China of the powerful opiod drug fentanyl.

The Dow Jones Industrial Average sank more than 300 points after the president made the announcements on Twitter.

The stocks of all three companies the president mentioned also dropped as traders tried to understand what the implications for them were.

Stocks had been wavering between gains and losses earlier after China said it would retaliate against the latest round of tariffs imposed by Washington with duties on $75 billion of U.S. products.

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9:35 a.m.

Stocks are opening lower on Wall Street as traders react to the latest escalation of the trade war between the U.S. and China.

China on Friday said it would retaliate against the latest round of tariffs imposed by Washington with duties on $75 billion of U.S. products.

Technology companies, which have much to lose in the trade battle with China, fell the most. Chipmaker Nvidia lost 2.2%.

Hasbro dropped 5.9% after the toymaker announced a deal to buy the parent company of Peppa Pig for $4 billion.

The S&P 500 fell 13 points, or 0.4%, to 2,909.

The Dow Jones Industrial Average lost 116, or 0.4%, to 26,128. The Nasdaq dropped 43, or 0.6%, to 7,945.

Bond prices rose. The yield on the 10-year Treasury fell to 1.60% from 1.61%.

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