Stocks trimmed early losses but still suffered a third straight day of declines Tuesday, after President Donald Trump said it may take until after the 2020 U.S. elections to complete a trade deal with China, while trade tensions escalated on other fronts, including Brazil, Argentina and France.
What did major indexes do?
The Dow Jones Industrial Average DJIA, -1.01% ended 280.23 points lower, down 1%, at 27,502.81, for its biggest one-day point and percentage drop since Oct. 8. The Dow fell nearly 458 points at its session low in morning trade. The S&P 500 index SPX, -0.66% finished with a loss of 20.67 points, or 0.7%, at 3,093.20, while the Nasdaq Composite Index COMP, -0.55% retreated 47.34 points, or 0.6%, ending at 8,520.64.
What’s driving the market?
Stocks slumped after Trump said at a news conference in London, where he was 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 will have zero effect on China’s stance because Chinese officials have long prepared for even the worst scenario: Mei Xinyu, an expert close the Chinese Commerce Ministry pic.twitter.com/P7Ai3NYXdO
— Global Times (@globaltimesnews) December 3, 2019
Meanwhile, on Monday the President tweeted that he was bringing