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Stocks Fall as US and China Prepare for Latest Round of Trade Talks

Technology stocks, including Microsoft and Apple, led the market lower. The sector is particularly sensitive to any news in the trade dispute and the latest round of talks could prompt more volatility.

Associated Press

Updated:October 7, 2019, 9:13 PM IST
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Stocks Fall as US and China Prepare for Latest Round of Trade Talks
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New York: US stocks moved broadly lower in early trading as the US and China prepare for their latest round of trade talks.

Envoys from both nations are expected to meet this week to try and put an end to the dispute that is stunting global economic growth and spooking the stock market.

Technology stocks, including Microsoft and Apple, led the market lower. The sector is particularly sensitive to any news in the trade dispute and the latest round of talks could prompt more volatility.

Banks and industrial companies were also among the biggest losers. Target fell 1.3% and 3M fell 1%.

Every sector in the S&P 500 headed lower, though real estate companies and utilities held up better than the rest of the market. Those sectors are considered safe-play investments that investors favor when they want to reduce risk.

Bond prices fell. The yield on the 10-year Treasury rose to 1.54% from 1.51%.

Some of those fears were allayed on Friday when a government jobs report showed that employers are still adding jobs at a healthy clip and that the national unemployment rate dropped to a five-decade low.

Still, last week marked the third weekly loss in a row for the broader market as the trade war takes its toll on confidence.

European stocks moved broadly higher. Economic warning signs again flashed after Germany reported that factory orders dropped for a second consecutive month in August. Germany is Europe's largest economy and a gauge of the continent's economic health as investors grow more concerned about a broad slowdown in growth.

Stocks in Asia were mixed and Chinese markets are due to reopen on Tuesday after a weeklong break.

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