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 196.10 points to 24,461.70, with Intel and Caterpillar as the worst-performing stock in the index. In so doing, the 30-stock index posted an eight-day losing streak, its longest since March 2017.
The S&P 500 lost 17.56 points to 2,749.76, as energy shares fell 1.9%.
The NASDAQ wilted 68.56 points to 7,712.95, erasing earlier gains, led by declines in Amazon and Alphabet. Amazon shares fell 1.1% after the Supreme Court ruled that states can force online shoppers to pay sales tax.
Auto makers were among the worst performers on Thursday, with General Motors, Ford Motor and Fiat Chrysler all falling at least 1.5%. The move lower followed a profit warning from German car manufacturer Daimler, which said its bottom line could be affected by the U.S.-China trade tensions.
Caterpillar let go of 2.5% and Boeing dropped 1.5%. Both companies are susceptible to trade tensions given their large exposure to overseas markets.
Intel shares fell 2.4% after CEO Brian Krzanich left the company following an internal investigation into a “consensual relationship with an Intel employee.”
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 recovered three cents to $65.74U.S. a barrel.
Gold prices faltered $4.90 at $1,269.60U.S. an ounce.
This article provided by NewsEdge.