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18-Sep2018

US markets end lower on lingering trade concerns

The US markets ended in red terrain on Monday giving back ground after moving notably higher last week. Sentiments remain dampened throughout the day on lingering trade concerns, with stocks seeing further downside after President Donald Trump said an announcement on trade with China would be made after the close of trading. Recent reports have said Trump intends to proceed with plans to impose tariffs on $200 billion worth of Chinese goods. A private report said the new tariffs would bet set at 10 percent, lower than the 25 percent previously floated by the administration. The threat of new tariffs could still lead China to decline an offer to hold high-level trade talks. China has pledged to retaliate to any new tariffs imposed by the U.S., with reports suggesting the communist country could go beyond raising tariffs on U.S. imports and restrict exports of goods critical to U.S. manufacturing.

On the economic front, the New York Federal Reserve released a report showing a bigger than expected slowdown in the pace of growth in regional manufacturing activity in the month of September. The New York Fed said its general business conditions index fell to 19.0 in September from 25.6 in August, although a positive reading continues to indicate growth in regional manufacturing activity. The index had been expected to dip to 23.0.

Dow Jones Industrial Average declined 92.55 points or 0.35 percent to 26,062.12, the S&P 500 lost 16.18 points or 0.56 percent to 2,888.80 and Nasdaq was down by 114.25 points or 1.43 percent to 7,895.79.


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