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Growth, trade worries sink stocks

Credit: Reuters Studio
Published on February 7, 2019 - Duration: 01:13s

Growth, trade worries sink stocks

Wall Street stocks sank on Thursday as worries that the United States and China would not be able to reach a trade deal by a March 1 deadline intensified earlier concerns about slowing global economic growth.

Fred Katayama reports.

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Growth, trade worries sink stocks

Wall Street slid on Thursday.

Tech and energy shares led the downturn on fears the U.S. and China wouldn't be able to strike a trade deal as the deadline draws near.

That, as well as the European Union's move to cut its growth forecast, stirred investors worries about global growth.

National Holdings chief market strategist, Art Hogan: SOUNDBITE: NATIONAL HOLDINGS CHIEF MARKET STRATEGIST, ART HOGAN, (ENGLISH) SAYING: "We got some economic data that came out of the eurozone that was slower than anticipated, so that confirms our fears of a global economic slowdown.

And that certainly doesn't help.

I think the other thing that's clearly in the forefront is hearing negative news about the China trade talks causes a great deal of disturbance in this market." White House adviser Larry Kudlow rekindled concerns about trade after he said there was a pretty sizable distance to go in the U.S. trade talks with China.

Marquee tech names fell, including the big FAANG stocks, Facebook, Apple, Amazon, Netflix and Alphabet.

Twitter shares plunged.

The company reported a drop in users in the fourth quarter, and it forecast first-quarter revenue that fell shy of estimates.

BB&T and SunTrust Banks shares both rose as the regional lenders announced they're merging in a $28 billion stock deal.

In Europe, the EU's growth forecast revision drove shares sharply lower.

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