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Wall Street falls on trade tensions

Credit: Reuters Studio
Published 2 weeks ago - Duration: 01:22s

Wall Street falls on trade tensions

Trade-sensitive industrials dragged Wall Street lower on Tuesday as U.S. President Donald Trump said he would impose tariffs on $11 billion of European goods.

Fred Katayama reports.

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Wall Street falls on trade tensions

An intensifying trade spat between the U.S. and Europe and concerns over global growth dragged stocks down on Tuesday.

Trade-sensitive industrial stocks knocked the Dow down seven-tenths percent.

The S&P and Nasdaq shed more than half a percent.

William O'Neil & Company chief investment strategist, Randy Watts: SOUNDBITE; WILLIAM O'NEIL & COMPANY CHIEF INVESTMENT STRATEGIST, RANDY WATTS (ENGLISH) SAYING: "I think many investors were hoping that we're going to get a trade deal with China.

All the trade wars were going to be behind us.

This morning, the Trump Administration kind of rattled the cage talking about $11 billion in tariffs primarily on aviation parts out of the EU.

And so I think people are a little bit nervous, is there ever going to be an end to this constant trade war news." The International Monetary Fund cut its global economic growth forecast for 2019 to 3.3 percent.

That's slightly lower than its earlier outlook.

Boeing shares fell.

The planemaker delivered far fewer planes in the first quarter due to the grounding of its 737 MAX jets.

Separately, the European Union said it plans to retaliate over Boeing subsidies.

The move follows the U.S. threat to slap tariffs on European goods as retaliation for subsidies given to Airbus.

Investors bid up shares of Walt Disney.

Cowen raised its rating to "outperform" from "market perform" ahead of a big day Thursday for the company when Disney is expected to update investors on its big push into streaming.

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