OPENING CALL: The Australian share market is expected to open lower. The SPI200 futures contract expected to open down 90 points.
American shoppers increased their spending over the five-day shopping period between Thanksgiving Day and Cyber Monday, according to new data.
President Trump’s comments at a NATO summit injected fresh uncertainty over the future of a “phase-one” trade deal between the U.S. and China.
Each Market in Focus
The Dow Jones Industrial Average fell more than 350 points intraday after President Trump suggested a trade war with China could continue well into next year while also threatening new tariffs on several more countries.
Twenty-nine of the 30 stocks in the blue-chip index fell, from tech giant Apple to drugstore owner Walgreens Boots Alliance. The index’s 1.3% decline would be its first drop of more than 1% since early October, if the losses hold through the closing bell.
The Dow industrials fell 364 points to 27417 in recent trading, on pace for its biggest single-day decline since Oct. 2. The S&P 500 declined 1%, while the Nasdaq Composite also slipped 1%.
Shares of Caterpillar fell 2.1% along with other industrial stalwarts, including 3M and Boeing . Apple also fell, shedding 2.3%. Merck was the only blue-chip stock in the green, rising less than 0.1%.
Banks stumbled alongside the pullback in bond yields, which tends to hurt lenders’ profitability. Shares of Goldman Sachs Group and JPMorgan Chase fell 2.8% and 1.8%, respectively.
Sterling’s rise to a six-week high of $1.3009 intraday seems to be more a function of a weaker dollar than the pound’s strength.
GBP/USD was last up 0.4% at 1.2990. The WSJ Dollar Index was recently down 0.2% to 90.77.
French Finance Minister Bruno Le Maire threatened “strong European riposte” if the U.S. follows through on plans to place tariffs on a number of French goods.
The Stoxx Europe 600 fell 0.6%, the FTSE 100 dropped 1.7% and the CAC-40 shed 1.0% while the DAX rose 0.2%