Stocks - Wall Street Slumps as New Trade Worries Emerge - Investing.com

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Investing.com - Stocks fell at the start of trading Tuesday as a new global trade worry about tariffs dented sentiment.

The fell 0.9%, while the lost 0.6%. The was off 0.33%.

Global stocks were on edge after the United States threatened to slap tariffs on hundreds of European goods as retaliation for subsidies given to Airbus. The European Union has begun preparations to respond in kind over Boeing (NYSE:) subsidies, an EU official said.

Investors were also on edge about quarterly results, with earnings season about to begin and the first-quarter profits of S&P 500 companies expected by analysts to fall.

"Investors are now wondering if companies are no longer growing their earnings, then how much do they want to pay for these earnings," said Kim Forrest, chief investment officer at Bokeh Capital Partners.

"The jobs numbers weren't necessarily as bad as most of us had thought, but everybody is looking at earnings season to tell what individual companies are seeing in the future."

Among active individual stocks, Wynn Resorts (NASDAQ:) was down 4% after confirming it offered $7.1 billion for Australian-based casino operator Crown Resorts.

American Airlines (NASDAQ:) shares fell 2.3% on for the first quarter.

And Novartis ADRs (NYSE:) fell 10.5% after the company spun off its eye-care unit Alcon.

-- Reuters contributed to this report.

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https://www.investing.com/news/stock-market-news/stocks--wall-street-slumps-as-new-trade-worries-emerge-1831261

2019-04-09 13:40:00Z
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