U.S. stocks slipped on Monday as political tensions around the world and fears that a prolonged U.S.-China trade war would push the global economy into recession sapped risk appetite.
Protests in Hong Kong that crippled one of the busiest airports of the world and defeat of President Mauricio Macri during primary elections in Argentina bolstered demand for safe-haven assets, including the Japanese yen, gold and U.S. Treasuries.
Over the weekend, Goldman Sachs Group Inc said fears of the U.S.-China trade war leading to a recession were growing and that it no longer expected a trade deal before the 2020 U.S. presidential election.
Trade-related worries have pulled the benchmark S&P 500 about 4% away from its all-time high hit in late-July.
At 10:54 a.m. ET, the Dow Jones Industrial Average was down 198.31 points, or 0.75%, at 26,089.13, the S&P 500 was down 18.95 points, or 0.65%, at 2,899.70. The Nasdaq Composite was down 51.14 points, or 0.64%, at 7,908.00.
Source : Reuters