Stocks slump to early losses as trade worries continue to weigh on investor sentiment; Dow -0.6%, S&P and Nasdaq -0.4%.
The U.S. is set to impose tariffs on $34B worth of Chinese goods on Friday, and China has promised retaliatory tariffs on an equal amount of U.S. goods; meanwhile, the European Union has threatened to hit the U.S. with nearly $300B worth of retaliatory tariffs if the U.S. imposes tariffs on European autos.
European bourses are broadly lower, with U.K.'s FTSE -0.8%, France's CAC -0.7% and Germany's DAX -0.4%; in Asia, Japan's Nikkei -2.2% and China's Shanghai Composite -2.5%.
In corporate news, Dell reportedly plans to return to the public markets after going private five years ago, and Tesla +5.3% after CEO Elon Musk tweeted that the company produced 7K cars in the final week of Q2.
Ten of the 11 S&P 500 sectors are in the red, with utilities (+0.2%) the lone gainer; energy (-1.6%) is the worst performing group, as crude oil prices rise following Pres. Trump's weekend tweet that Saudi Arabia's king had agreed to pump more oil, although the White House later walked back the comments.
U.S. Treasury prices are slightly higher, with the benchmark 10-year yield down a basis point at 2.84%.
Still ahead: ISM manufacturing index, construction spending
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