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Stocks - Wall Street Falls After Trump Blasts China 

Published 30/07/2019, 14:47
© Reuters.
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Investing.com – Wall Street slumped on Tuesday after comments from U.S. President Donald Trump dampened any hope that the U.S. and China would make progress on resolving their differences on trade.

Trump said in a series of tweets that China is not keeping its promise to buy U.S. agricultural goods, adding “that is the problem with China, they just don’t come through.”

Chinese officials have never confirmed making any such promise, although reports from the last round of talks suggested that it was part of a quid pro quo that also included the dropping of U.S. tariffs on imports from China.

A U.S. trade delegation is in Shanghai to restart trade negotiations after talks fell through in May.

The Dow fell 94 points or 0.4% by 9:46 AM ET (13:46 GMT), while the S&P 500 was down 12 points or 0.4% and the Nasdaq composite slipped 36 points or 0.4%.

The comments came ahead of the start of the Federal Reserve's monetary policy meeting, where a rate cut of 25 basis points on Wednesday is fully priced in.

Beyond Meat (NASDAQ:BYND) tumbled 13.6% after the company announced a secondary offering 3.25 million shares just three-months after it went public. The shares are still up nearly 700% from their IPO price, however. The secondary offering will raise the company's free float by around another 5 percentage points.

Elsewhere, Capital One (NYSE:COF) lost 5.7% after reports of a data breach that exposed the personal information of over 100 million Americans.

Under Armour (NYSE:UAA)slumped 18.6% after it said it now expects full-year sales to fall in the key North American market. Its second-quarter earnings were otherwise slightly short of consensus.

Bank stocks were also down, with Goldman Sachs (NYSE:GS) falling 0.7% and Bank of America (NYSE:BAC) dipping 0.4%.

Elsewhere, Merck (NYSE:MRK) rose 2.1% after its earnings were better than expected, while Procter & Gamble (NYSE:PG) gained 3.4% on strong fourth-quarter earnings.

Mastercard (NYSE:MA), which also reported Tuesday, fell 1.1%.

In commodities, crude oil rose 0.6% to $57.18 a barrel while gold futures gained 0.6% to $1,427.80 a troy ounce. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.1% to 97.863.

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