Stocks fell on Thursday as fears of an impending trade war between the U.S. and China dragged investor sentiment lower.
The Dow Jones Industrials plummeted 167.59 points to 24,490.21, with Boeing and Caterpillar among the worst-performing stocks in the index. The Dow was also on track to post an eight-day losing streak, its longest since March 2017.
The S&P 500 lost 11.87 points to 2,755.45, as energy shares fell more than 1%.
The NASDAQ dropped 33.56 points to 7,747.95, as Netflix shares hit an all-time high to build on its recent rip-roaring rally.
Netflix’s stock rose after Pivotal Research Group became the second firm this week to raise its price target on the stock to $500 a share.
Kroger Company and Darden Restaurants are among a slew of companies releasing earning Thursday
Simmering tensions between the U.S. and China on trade have kept stock gains in check this week, with the Trump administration threatening to slap tariffs on $200 billion worth in Chinese goods. China, meanwhile, said this thread violates previous negotiations and consensus reached between both countries.
Prices for the benchmark for the 10-year U.S.Treasury gained sharply, lowering yields to 2.9% from Wednesday’s 2.94%. Treasury prices and yields move in opposite directions.
Oil prices deleted 72 cents to $64.99U.S. a barrel.
Gold prices faltered $7.60 at $1,266.90U.S. an ounce.
This article provided by NewsEdge.