Stocks headed for third day of losses Tuesday, after President Donald Trump said it may take until after the 2020 U.S. elections to complete a trade deal with China, while widening his trade war on other fronts to include Brazil, Argentina and France.
What are major indexes doing?
At midday the Dow Jones Industrial Average DJIA, -1.19% was down 352 points, or 1.3%, at 27,428, while the S&P 500 index SPX, -0.88% gave up 30 points, or 1.1%, to trade at 3,083. The Nasdaq Composite index COMP, -0.84% retreated 88 points, or 1.0%, to 8,480.
Stocks saw their biggest one-day decline in nearly eight weeks on Monday, with the Dow falling 268.37 points, or 1%, to end at 27,783.04. The S&P 500 dropped 27.11 points or 0.9%, to close at 3,113.87, while the Nasdaq Composite finished at 8,567.99, with a loss of 97.48 points or 1.1%.
What’s driving the market?
Stocks hit their lows for the morning session after U.S. Commerce Secretary Wilbur Ross said on CNBC that Trump is “serious” when he said in London earlier Tuesday that trade talks with China may last past the 2020 elections.
Earlier Trump told a London news conference where he is attending a NATO meeting that he had “no deadline” when it comes to concluding the two year old U.S.-China trade talks.
“In some ways, I think it’s better to wait until after the election if you want to know the truth. But I’m not going to say that, I just think that,” Trump said.
In apparent response to the president’s comments, a Chinese news outlet associated with the ruling Communist Party, the Global Times, tweeted that China’s government is prepared for “even the worst-case scenario.”
The US appears to be backpedaling in #tradetalks as officials threaten tariff hikes, but that