Stocks in the US fell on Tuesday, with the S&P 500 losing 1%, the Nasdaq falling 1.4% and the Dow Jones tumbling 370 points, led by steep losses in tech and consumer discretionary stocks.
Initial optimism over US–China trade relations faded as both countries began imposing new port fees on each other’s shipments, stoking concerns of further escalation.
Also, China imposed sanctions on five of South Korea’s Hanwha Ocean’s US subsidiaries.
Meanwhile, the earnings season got underway: JPMorgan fell 2.4%, after reporting slightly higher-than-expected provisions for credit losses at $3.4 billion.
Goldman Sachs declined 3.7% despite a revenue beat and Johnson & Johnson fell 0.7% after reporting higher-than-expected results and announcing it will separate its orthopedics business.
On the other hand, Citigroup was little changed after a profit climb, BlackRock jumped 1.7% after beating earnings and revenue estimates and Wells Fargo jumped 4% following a profit increase.
