U.S. stocks tumbled to a one-month low on Friday after a sharp escalation in U.S.-China trade tensions and a tepid July jobs report renewed fears of slowing economic growth and raised bets of further interest rate cuts this year.
President Donald Trump on Thursday threatened to slap a 10% tariff on $300 billion of Chinese imports from next month, sending global markets tumbling and investors fleeing to safe-havens like U.S. Treasuries and the Japanese yen.
At 11:18 a.m. ET, the Dow Jones Industrial Average was down 201.88 points, or 0.76%, at 26,381.54, the S&P 500 was down 26.02 points, or 0.88%, at 2,927.54. The Nasdaq Composite was down 117.00 points, or 1.44%, at 7,994.12.
The S&P 500 slipped below its 50-day moving average, a closely watched indicator of short-term momentum, during the session.
Source : Reuters