Stocks start lower as trade tensions resurface

|By:, SA News Editor

Stocks open lower amid renewed trade concerns, as Pres. Trump threatens "tremendous retribution" against European automakers if U.S. trade partners fail to negotiate "something fair"; Dow -0.5%, S&P and Nasdaq -0.4%.

European markets are mostly lower, with U.K.'s FTSE +0.1% but Germany's DAX -0.7% and France's CAC -0.5%; in Asia, Japan's Nikkei -0.1% and China's Shanghai Composite -0.5%.

In corporate news, IBM (+2.9%), eBay (-9.2%), Philip Morris (-5.1%), American Express (-3.3%) and Travelers (-3.7%) are mostly lower after reporting their quarterly results.

The energy (+0.3%) and utilities (+0.7%) sectors are among the top early performers, while financials (-0.7%), materials (-0.8%) and consumer staples (-1%) are lagging.

The U.S. Dollar Index +0.5% to 95.34 and a fresh 12-month high, as the rising dollar weighs on dollar-denominated commodities, including metals such as gold (-1.1% at $1,215/oz.), silver (-2.1% at $15.25/oz.) and copper (-2.3% at $2.70/oz.), all at one-year lows.

However, WTI crude oil has reversed earlier losses, now +1.3% at $69.69/bbl.

U.S. Treasury prices are flat, with the 10-year yield unchanged at 2.87%.

Subscribe for full text news in your inbox