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Tuesday, 03 December 2019 13:34

Wall St. tumbles as Trump dents hopes of trade deal this year

Written by Reuters
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(Reuters) - Wall Street’s main indexes hovered near one-month lows on Tuesday, as comments from President Donald Trump and Commerce Secretary Wilbur Ross stoked fears of a significant delay in resolving a trade dispute with China.

Trump, speaking to reporters in London, raised the possibility of the trade deal being delayed until after the U.S. presidential elections in November 2020.

Ross told CNBC that planned tariffs on Chinese imports will be imposed on Dec. 15 unless there is some real reason to postpone, such as substantive progress in talks.

“This is sort of a last-minute negotiation tactic,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.

“If the Dec. 15 tariffs go into effect, then I think people start thinking that this could have additional ramifications on a ‘phase-one’ ever getting done.”

Nine of the 11 major S&P 500 sectors were trading lower, with tech heavyweights Apple Inc (AAPL.O) and Amazon.com Inc (AMZN.O) weighing the most.

The trade-sensitive Philadelphia semiconductor index .SOX dropped 2.24% to hit an over one-month low.

Tuesday’s declines added to the pullback in the previous session, signaling a rough start to the month.

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