Investing.com – Stocks took a dive on Tuesday for a third-straight day after President Donald Trump suggested there might not be a trade deal with China in 2019 and maybe not until after next year’s election.
The fell as many as 44 points soon after the open. The were off nearly 458 points before some modest bargain hunting set in and the president, who was attending a NATO meeting in London, withdrew for the night.
The bargain hunting helped cut the day’s losses substantially. The closed down 0.66%. The dropped about 0.55%. The ended off 1.01%, or 280 points, in part because of weakness in Apple (NASDAQ:), Goldman Sachs (NYSE:), Boeing (NYSE:) and Home Depot (NYSE:).
Boeing was lower as skepticism that its troubled 737 Max jetliner will be re-certified by Dec. 31.
Defensive stocks, including Merck (NYSE:), Verizon Communications (NYSE:) and Procter & Gamble (NYSE:) led the blue-chip index. Only five of the 30 stocks were higher.
Much of the initial selling came so quickly after the open that it appeared to be computer driven.
Then, humans slowly bid stocks up and forced the market to recover at least some of its losses.
The Dow’s loss was its largest since Oct. 8. The losses for the S&P 500 and Nasdaq Composite at the close were smaller than their Monday losses.
Tech stocks were hurt, especially chip stocks and hardware, because of the possibility of more tariffs being imposed on goods imported from China and because the Chinese market is so important to these companies as well. Cadence Design Systems (NASDAQ:), Intel (NASDAQ:) and Micron Technology (NASDAQ:) were among the biggest losers among stocks in the index.
Apple, Intel, Amazon.com (NASDAQ:), Qualcomm (NASDAQ:) and Facebook (NASDAQ:) combined to generate 33 points of the Nasdaq 100’s 54.5-point loss —