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Wall Street ends lower after Trump tariff threat

Credit: Reuters Studio
Published on May 6, 2019 - Duration: 01:06s

Wall Street ends lower after Trump tariff threat

U.S. stocks fell on Monday after President Donald Trump threatened to raise tariffs on Chinese goods.

Fred Katayama reports.

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Wall Street ends lower after Trump tariff threat

A Trump tweet jolted investors Monday, sending global stocks south.

But U.S. stocks closed well off the lows.

The Dow shed a quarter percent, S&P 500 and Nasdaq fell half percent.

U.S. President Donald Trump's threat to raise tariffs on China as soon as this week triggered fears of breakdown in trade talks between Washington and Beijing U.S. Bank senior portfolio manager, Eric Wiegand: SOUNDBITE: U.S. BANK SENIOR PORTFOLIO MANAGER, ERIC WIEGAND, (ENGLISH) SAYING: "I think there's likely to be a reassessment of what degree of progress, you know, should be expected by week's end as a result of some of these issues brought forward by the president's tweet." Shares of companies with big exposure to China tumbled, such as jet maker Boeing and chip maker Nvidia.

Big name tech stocks like Apple, Amazon, Microsoft and Facebook also slid.

Shares of Anadarko rose.

Occidental Petroleum boosted the cash component of its $38 billion cash-and-stock bid.

By doing so, Oxy no longer needs the approval of its shareholders for a deal.

It's trying to convince Anadarko to scrap its deal to sell itself to Chevron.

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