Stocks Fall Fourth Day, Yen Gains on Trade Angst: Markets Wrap
- Treasury curve briefly inverts for first time since March
- Yen strengthens versus most major peers amid haven demand
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U.S. stocks capped a fourth day of losses, though finished off the lows of the day, while the yen strengthened versus the dollar as investors assessed the likelihood of fresh tariffs just hours before they are due to take effect. The yuan fell to its weakest since January.
The S&P 500 is on pace for its worst week of the year after another trade-fomented decline. The bellwether had slumped as much as 1.5% before Trump said he received a “beautiful letter” from Chinese President Xi Jinping and that the two leaders would probably speak by phone. Talks began in Washington at 5 p.m.