Dow drops more than 100 points to start September on increasing trade tensions with Canada, China
Stocks fell on Tuesday as trade tensions between the U.S. and key partners increased, offsetting strong economic data, to start off the one of the toughest parts of the year for equity investors.
The Dow Jones Industrial Average declined 108 points with Nike and Verizon underperforming. The S&P 500 pulled back 0.4 percent with telecom and materials lagging. The Nasdaq Composite dropped 0.5 percent, led by a decline in Facebook shares.
The major indexes pared losses after the release of stronger-than-expected manufacturing data. The ISM U.S. manufacturing PMI rose to 61.3 in August from 58.1 in July. Economists polled by Reuters expected the index to fall to 57.7. The overall PMI got a boost from a sharp jump in new orders.
Last week, the U.S. and Canada failed to secure an agreement to replace the current NAFTA pact by last Friday's deadline. While a deal has been arranged with Mexico, President Donald Trump tweeted over the weekend that there was "no political necessity to keep Canada in the new NAFTA deal."
https://www.msn.com/en-us/money/markets/dow-drops-more-than-100-points-to-start-september-on-increasing-trade-tensions-with-canada-china/ar-BBMQRVP
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