Trade-sensitive industrials dragged Wall Street lower on Tuesday as tensions ove...
NEW YORK - Trade-sensitive industrials dragged Wall Street lower on Tuesday as tensions over tariffs between the United States and its European trading partners went from simmer to boil and the IMF lowered its global growth outlook.
U.S. President Donald Trump said he would impose tariffs on $11 billion of European goods, raising tensions over aircraft subsidies that threaten to morph into a wider trade war. “With the IMF ... you’re getting two data points that indicate that things may soften up over the next several months,” Tuz added. “It gives some people reason enough to take money off the table.”First-quarter earnings season is set to begin in earnest, with Delta Airlines reporting on Wednesday and JPMorgan Chase & Co and Wells Fargo & Co results due on Friday, kicking off what analysts now expect to be the first quarter to show a year-on-year decline in profits since 2016.
Of the 11 major sectors in the S&P 500, all but utilities and communications services ended the session in the red.Boeing Co extended its slump after reporting a drop in deliveries related to the grounding of its 737 MAX jets. Its shares fell 1.5%.
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