Stock market sinks to session low as Trump says there's 'a long way to go' on China trade deal
Tuesday, 16 July 2019 23:39 WIB |
MARKET UPDATE | Standard & Poor's 500saham A.S
U.S. stock indexes Tuesday midday were trading near session lows, though only modestly lower, after President Donald Trump described progress toward a China and U.S. tariff pact as "a long way to go" to reporters.
Trump made his comments during a cabinet meeting at the White House, with reporters in attendance. The Dow Jones Industrial Average added to modest losses, and was recently trading down 46 points, or 0.2%, at 27,313, but had been as low as 27,296. The S&P 500 index declined 0.3% at 3,004, near its intraday low at 3,002.55, while the Nasdaq Composite Index was 0.5% lower at 8,217, after touching a session nadir at 8,212.14. All that said, all three benchmarks finished at records on Monday, with expectations growing that the Federal Reserve will ease monetary policy, providing further support for stocks to climb.
However, trade disputes between the U.S. and its international counterparts, notably Beijing, have been at the center of investors' concerns and the chief reason the Fed is said to be considering a pre-emptive rate cut, even though most of the domestic economy remains healthy.