JUST IN: U.S. stocks fell sharply in early trading after Pres. Trump cast doubt over the potential for a trade deal with China this year and threatened to place tariffs on French goods.
U.S. stocks fell sharply in early trading Tuesday after President
Wall Street is also weighing the potential for an expanded series of trade disputes after a month of relative calm. On Tuesday, Trump proposed tariffs on $2.4 billion in French products in retaliation for a tax on global tech giants including Google, Amazon and. That follows a threat Monday to raise tariffs on steel and aluminum from Argentina and Brazil.
Bank stocks also suffered heavy losses as investors headed for the safety of bonds and pushed yields lower. Banks rely on higher bond yields to charge more lucrative interest rates on mortgages and other loans. The yield on the 10-year Treasury fell sharply, to 1.74% from 1.83% late Monday.Utilities and real estate companies held up the best as investors shifted money to the safe-play sectors.
ECONOMIC WATCH: Wall Street still has a busy week ahead for some key economic gauges following disappointing manufacturing and construction data on Monday.
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