Stock Market: Dow drops 450 points, biggest fall in 2 months, after Trump says he could wait on China deal
By: Thomas Franck @TOMWFRANCK - Fred Imbert @FOIMBERT
Photo: Christian Hartmann/Reuters
The Dow Jones Industrial Average fell more than 450 points in morning trading, led lower by trade-vulnerable Apple, Caterpillar and 3M. The S&P 500 slid 1.2% amid losses in chip stocks like Nvidia, Micron and Advanced Micro Devices. The Nasdaq Composite also lost 1.3%.
Both sides have introduced tariffs on billions of dollars’ worth of imports as the disagreement escalated over the last year; additional U.S. tariffs are set to take effect on Dec. 15.
Tuesday’s losses would add to a steep decline from the previous session and by 10:07 a.m. ET were on track to push the Dow to its biggest two-day loss since Oct. 2.
Related: Here's why Warren Buffett's record $122 billion cash pile could be a worrying sign for stock markets
- Warren Buffett's mountain of cash may be a warning to investors that stocks are overvalued and that a crash is around the corner.
- The investing guru's firm, Berkshire Hathaway, held a record $122 billion in cash at the end of June.
- The conglomerate's cash is worth nearly 60% of its portfolio of public companies, the largest proportion since before the financial crisis.