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Wall Street drops on trade worries

Credit: Reuters Studio
Published on October 8, 2019 - Duration: 01:16s

Wall Street drops on trade worries

U.S. stocks fell sharply Tuesday as news that the United States was imposing visa restrictions on Chinese officials overshadowed comments by Federal Reserve Chairman Jerome Powell that pointed to openness to further rate cuts.

Fred Katayama reports.

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Wall Street drops on trade worries

Souring sentiment ahead of U.S.-China trade talks sank stocks Tuesday.Tech and energy stocks led a broad-based pullback.

The S&P 500 fell 1-and-a-half percent.

William O'Neil & Co.

Chief investment strategist, Randy Watts: SOUNDBITE: WILLIAM O'NEIL & CO.

CHIEF INVESTMENT STRATEGIST, RANDY WATTS (ENGLISH) SAYING: "It's becoming increasingly clear over the last 48 hours that the trade talks that are going to happen Thursday this week are not going to be as productive as people thought, right?

There was hope that that was going to set the stage for the big deal.

And now, the White House is kind of walking back that language." The United States said it's imposing visa restrictions on Chinese officials over treatment of Muslim minorities.

And the U.S. widened its trade blacklist to include Chinese surveillance firms, which angered Beijing.

That presssured shares of U.S. chip suppliers Intel and Nvidia.

Adding to the pessimism over the trade talks: a report by the South China Morning post saying the Chinese trade delegation could depart Washington a day earlier than planned.

Boeing shares weighed on the Dow.

The Wall Street Journal reports European regulators' safety concerns about some of Boeing's proposed fixes to its 737 MAX jets could delay their return to service.

Domino's Pizza shares rose.

Investors liked the pizza chain's plans to cut back on its investments and expenses.

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