TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
US stocks fall after latest trade salvos with China
Change Size
The New York Stock Exchange building is seen along Wall Street on August 1, 2018 in New York City. Stephanie Keith/Getty Images/AFP
(AFP/Stephanie Keith)
W
all Street stocks fell early Monday following the latest salvos in the US-China trade fight and despite acquisitions in the media and mining industries that lifted some of the companies.
About 20 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent to 26,663.79.
The broad-based S&P 500 dipped 0.3 percent to 2,921.13, while the tech-rich Nasdaq Composite Index fell 0.5 percent to 7,946.98.
New US tariffs on another $200 billion of Chinese imports took effect Monday, a move that prompted retaliatory tariffs from Beijing on $60 billion in American goods.
China has also reportedly scotched negotiations that had been expected later this week in another twist that was likely to dent investor hopes for a speedy resolution to the impasse.
In deal news, Comcast won a weekend bidding contest with Fox for British broadcaster Sky for 30.6 billion pounds ($40 billion). Comcast shares sank 5.9 percent, while Fox rose 0.9 percent.
Pandora Media jumped 8.1 percent after agreeing to be acquired by SiriusXM for $3.5 billion. Sirius dropped 3.2 percent.
US-traded shares of Barrick Gold of Canada jumped 6.1 percent agreed Monday to buy Africa-focused rival Randgold Resources to create a global industry champion worth $18.3 billion. Randgold rose 7.0 percent in New York.
Shares of oil giants ExxonMobil and Chevron both climbed more than one percent as oil prices rallied from a decision by major oil producers over the weekend not to increase output.
Key events this week include a Federal Reserve decision on Wednesday that is expected to see an interest rate increase.
