Stocks – Trade Battles, Manufacturing Weakness Hit S&P 500

© Reuters.

Investing.com – Stocks began the last month of 2019 with their second selloff in two sessions Monday as worries grew about U.S. trade fights with just about everyone and new reports that showed weakening manufacturing and construction data.

The trade fights included the threat of new tariffs on Chinese imports if a trade deal isn’t struck by Dec. 15 and the possibility of new tariffs imposed on imports from the United Kingdom, France, Germany and Spain. The targets would include Airbus airliners. In addition, the Trump Administration added new tariffs on Brazilian and Argentinian steel.

The was off 0.86%, the were down 0.96%, and the and indices fell 1.1% each.

Stocks opened higher but fell back fairly quickly on the announcement of tariffs in Brazilian and Argentinian steel.

The losses accelerated into the close with more tariff news. The declines at the close were the biggest for the S&P 500, Dow and Nasdaq since Oct. 8.

Apple (NASDAQ:) and Microsoft (NASDAQ:) were both lower, and streaming video platform Roku (NASDAQ:) fell sharply after a downgrade.

Tech stocks generally were weak, with weakness among key stocks as Nvidia (NASDAQ:), Micron Technology (NASDAQ:), Adobe Systems (NASDAQ:) and Autodesk (NASDAQ:).

Energy and consumer staples were the only S&P 500 sectors showing gains.

Energy shares were higher as oil prices moved up. crude was up 79 cents to $55.96 a barrel. crude, the global benchmark, finished ahead 43 cents to $60.92.

OPEC is to meet starting Thursday and is expected to extend production cuts into 2020. Exxon Mobil (NYSE:) was up 0.43%. Halliburton Company (NYSE:) added 1.4%, and ConocoPhillips (NYSE:) rose 0.7%. But Chevron (NYSE:) fell 0.3%.

Consumer staples stocks were led by the Dow leaders Coca-Cola (NYSE:) and Procter & Gamble (NYSE:).

Real estate and technology were the weakest sectors.

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