U.S. stocks dropped and the dollar rallied as President Donald Trump signaled he’s committed to his trade dispute with China a day after the two sides slapped fresh tariffs on each other.
The S&P 500 Index turned lower, with trade-sensitive shares from Caterpillar Inc. to Boeing Co. leading losses, after Trump said not enough focus has been placed on China. Low-level Chinese and American delegates are wrapping up two days of trade talks as the nations hit each other with levies on $16 billion in goods.
The dollar rose for the first time in six days, while the 10-year Treasury yield traded around 2.82 percent ahead of scheduled comments by Federal Reserve chairman Jerome Powell Friday. The Mexican peso dropped against the greenback as investors waited to see if a deal would be reached on Nafta. The rand declined following a tweet by President Donald Trump that fueled speculation of possible sanctions against South Africa.
The S&P 500 Index fell 0.2 percent as of 12:02 p.m. New York time. The Nasdaq Composite Index dropped 0.4 percent.
Source : Bloomberg