Trade Tensions Rattle U.S. Stocks, Dollar Weakens: Markets WrapBy
China cuts reserve requirement, weakens yuan; EM assets fall
- Italian assets drop as support for League party solidifies
Escalating trade tensions sent U.S. stocks to the steepest drop since early April, as President Donald Trump’s threats of more protectionism against major partners were met with Chinese and European vows of retaliation.
The S&P 500 Index fell 1.4 percent, though comments from National Trade Council Director Peter Navarro brought the measure back from losses that topped 2 percent. The Dow Jones Industrial Average closed below its 200-day moving average. Selling was heaviest in tech shares, with the Nasdaq 100 Index sinking 2.2 percent…
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