Stocks dip again on worries about tech, tariffs

Stocks dip again on worries about tech, tariffs

Stocks dip again on worries about tech, tariffs

The Russell 2000 index of smaller-company stocks gave up 6.51 points, or 0.4 percent, to 1,447.31.Stocks have plunged since early October, breaking a long period of relative calm over the summer, and trading has been especially volatile the last few days.Among industrials, Boeing sank 6.6 percent to $335.59.

Washington is reported to be preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between Mr Trump and his counterpart Xi Jinping fail to ease the trade war.

He said he has 267 billion dollars of new tariffs waiting to go if he can not make a deal with China. The S&P 500 is now flat.

IBM saw its stock increase early Monday after news of its acquisition of cloud computing software company Red Hat for $34 billion, but it ultimately closed down 4 percent. The Shanghai Composite index rebounded 1 percent to 2,568.05 and South Korea's Kospi picked up 0.9 percent to 2,014.69.

Concerns over corporate earnings growth and the global economy have sent stocks on a downward trend throughout the month.

With the initial market reaction, Wall Street came under a heavy selling pressure and Nasdaq was last seen down 1.26% on the day while the DJIA and the S&P 500 indexes were losing 0.25% 0.05%, respectively. Italy's FTSE MIB index rose 1.9% after Standard & Poor's did not downgrade its credit rating. Ten percent tariffs on $200 billion in imports that took effect in September are due to increase to 25 percent on January 1.

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The Japanese yen fell 0.4 percent to 112.34 per dollar, the biggest dip in nearly two weeks.

A spokeswoman for the US Trade Representative's office referred Reuters to Sanders' statement, while US Commerce Department officials did not immediately respond to requests for comment. China's overnight repo rate surged the most in more than four years as authorities take steps to combat bets against the yuan, which held near the weakest level in a decade against the greenback.

The Bloomberg report sent stocks lower on Monday afternoon. The euro rose to $1.1377 from $1.1372.

The S&P 500, the main benchmark for the US stock market, has fallen 9.9 percent from its latest record high on September 20. U.S. West Texas Intermediate (WTI) crude futures fell 94 cents to $66.10 a barrel, a 1.4-per-cent decline. Brent crude, used to price worldwide oils, lost $1.14 to $76.20 per barrel. Any reminders of that just leads to more pessimism.

Gold fell 0.1 percent to $1,231.51 an ounce, the biggest fall in a week.

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