US stocks slip as trade tensions with China flare up again
By DAMIAN J TROISE Associated Press Business Writer NEW YORK AP Stocks slipped in morning trading on Wall Street Tuesday as bargain tensions escalate again with China The S P fell The majority of stocks within the index gained ground but big instrument stocks with outsized values fell and offset gains elsewhere Related Articles Supreme Court rejects Alex Jones appeal of billion defamation judgment in Sandy Hook shooting ICE s use of full-body restraints during deportations raises concerns over inhumane therapy Instagram says it s safeguarding teens by limiting them to PG- content Rare October storm brings heavy rain and doable mudslides to Southern California Currently in History October Chuck Yeager breaks the sound barrier The Dow Jones Industrial Average slipped points or as of a m Eastern time The Nasdaq composite shed The slide marks another sharp twist for markets over the last inadequate days Wall Street tumbled on Friday for its worst day since April and bounced back on Monday for its best day since May The swings were prompted by shifting contract sentiment between the U S and China The latest dip follows China s Commerce Ministry banning dealings by Chinese companies with five subsidiaries of South Korean shipbuilder Hanwha Ocean swiping at President Donald Trump s efforts to rebuild the industry in America European markets were mostly lower and Asian markets fell Tool stocks are particularly sensitive to contract issues involving China Big chipmakers and other companies rely on China for raw materials and manufacturing China s large consumer base is also central for sales advancement Chipmaker Nvidia slumped The ongoing bargain war between the U S and the world has been an unpredictable weight on the arena The exchange conflict between the U S and China is potentially the the bulk economically consequential owing to those nations positions as the two largest economies in the world International shipping and shipbuilding have become a major source of friction between Washington and Beijing with each side imposing new port fees on each others vessels Those fees went into effect on Tuesday The U S market has so far dodged any major impact from the frequently shifting U S tariff policies That could change if nations fall back into a cycle of retaliatory tariffs and companies pass along more of the higher costs to consumers The U S executive shutdown has put a halt to the usual economic updates on inflation consumer spending and employment Wall Street is looking toward the latest round of company earnings and forecasts to get a better sense of the broader economic picture Upcoming profit reports will also help Wall Street gauge the broader sector s value amid criticism that it has become too expensive after prices rose much faster than corporate profits For stocks to look less expensive overall either prices need to fall or companies profits need to rise JPMorgan Chase slipped despite beating Wall Street s profit forecasts for its latest quarter Wells Fargo rose after beating analysts forecasts Wellbeing care giant Johnson Johnson fell after announcing that it will separate its orthopedics business into a standalone company Treasury yields held relatively steady The yield on the yield on the -year Treasury fell to from late Friday Bond markets were closed in the U S on Monday for a holiday Gold edged higher and remains above per ounce The precious metal has soared in amid a long list of uncertainties including tariffs and the market AP writers Yuri Kageyama and Matt Ott contributed to this account
