Traders work on the floor at the New York Stock Exchange August 14, 2019. — Reuters pic
NEW YORK, Sept 3 — Wall Street stocks fell early today in the first session since new tariffs took effect in the escalating US-China trade war.
Both countries imposed new levies on September 1, with the US assessing 15 per cent tariffs on an assortment of consumer goods and China rebutting with its own fees.
About 25 minutes into trading, the Dow Jones Industrial Average was at 26,175.27, down 0.9 per cent in the first session of the week following yesterday’s Labor Day holiday.
The broad-based S&P 500 dropped 0.5 per cent to 2,912.34, while the tech-rich Nasdaq Composite Index fell 0.4 per cent to 7,932.05.
Analysts have viewed the grinding US-China trade war as an albatross for the global economy.
Other headwinds at the moment include the continued cloud surrounding Brexit; escalating unrest in Hong Kong and uncertainty over how Beijing will react; and a bruising Hurricane Dorian that has pounded the Bahamas and is projected to hit the US.
This week’s US calendar includes data on the manufacturing and service sectors, as well as the August jobs report. — AFP