USA markets tumble after trade war truce weakens

At 1:16 pm ET the Dow Jones was down 565.16 points at 25,261.27 the S&P 500 was down 62.55 points at 2,727.82 and the Nasdaq was down 196.65 points at 7,244.86

The Dow Jones Industrial Average fell 799.36 points (3.10 per cent) to 25,027.07.

Bond prices rose. The yield on the 10-year Treasury fell to 2.95 per cent.

Large banks were among the big losers, with JPMorgan Chase shedding 4.4 per cent, Bank of America losing 5.4 per cent and Citigroup 4.4 per cent. The yield on five-year Treasury bonds has fallen below the yield on a three-year bond for two days running, meaning that USA investors are being paid more to hold government debt that matures in three years than in five years.

Alarm bells rang in bond markets after the US Treasury yield inverted for the first time in more than a decade, suggesting that a recession could be on its way.

The S&P 500 .SPX posted its biggest single-day percentage drop in about two months, giving back some gains from Monday and a week earlier, when the benchmark index tallied its largest weekly percentage gain in almost seven years. The tech-heavy NASDAQ ended the day 3.8 percent or 283 points lower at 7,158.

Tuesday's losses more than erased the gains of the previous two trading days, when cautiously optimistic investors bid up stock prices amid hopes that USA and China were resolving their trade dispute.

The New York Stock Exchange and Nasdaq will be closed on Wednesday, for a day of mourning for former President George H.W. Bush, who died on Friday at the age of 94. Advanced Micro Devices dropped 10.9 percent to $21.12, while Micron Technology lost 7.9 percent to $36.88.

The jitters helped drive demand for government bonds Tuesday, pushing prices higher. The Standard & Poor's 500 slid 3.2 percent to 2,700.06.

The financials sector edged down 1.7 per cent. Bank of Montreal fell 3.5 per cent, after Canada's fourth-biggest lender reported fourth-quarter earnings, ending a mixed earnings season for Canada's biggest banks.

A note from S&P Global Ratings predicted that U.S. growth would slow from 2.9 per cent in 2018 to 2.3 per cent in 2019 and 1.8 per cent in 2020, adding that the USA was nearing the "latter" stages of a multi-year growth cycle.

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Technology companies, banks and industrial stocks accounted for much of the sell-off. Japan's Nikkei 225 index gave up 2.4 per cent and the Kospi in South Korea lost 0.8 per cent. Hong Kong's Hang Seng added 0.3 per cent.

Defensive Utilities .SPLRCU eked out a 0.2 percent gain, the only one of the 11 major S&P 500 sectors in positive territory.

Apple lost 4.4 percent to $176.69 after the consumer electronics giant was downgraded by HSBC analysts, citing the possibility that iPhone volume and value growth may moderate due to a saturated mobile phone market.

The S&P 500 index lost 23 points, or 0.9 percent, to 2,766.

The Nasdaq composite lost 240 points, or 3.2 percent, to 7,201. The 10-year yield is still higher, but not by much.

Stocks are opening lower on Wall Street, led by losses in technology companies and banks.

Apple lost 1.7 percent early Tuesday and Bank of America was down 1.3 percent.

Discount retail chain Dollar General slid 8.2 per cent to $102.54 after the company reported weak quarterly results. Germany's DAX lost 1.1 per cent, while France's CAC 40 dropped 0.8 per cent.

The Dow Jones Industrial Average fell 65 points, or 0.3 percent, to 25,761. Toll's shares rose 0.4 per cent to $33.67, recovering from a morning sell-off.

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