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Stocks, Commodities Tumble as China Strikes Back: Markets Wrap

  • Trade war escalates with President’s tweet threats, new levies
  • Trump says will meet Xi at G-20, undecided on new tariffs
Bloomberg business news
Bloomberg Market Wrap 5/13: Jumia, Macy's, Apple(Source: Bloomberg)
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U.S. stocks and commodities tumbled after China retaliated with higher tariffs on a range of American goods. Treasuries jumped with the Japanese yen on demand for haven assets.

The S&P 500 dropped the most in four months, the Dow Jones Industrial Average slumped more than 600 points and the Nasdaq Composite saw the biggest decline of the year after China targeted some of the nation’s biggest exporters. Both Boeing and Caterpillar Inc. fell fell nearly 5%, while Apple Inc. lost 5.8%. The new penalties also took aim at American farmers, driving down soybean and cotton prices. The dollar rallied and the 10-year Treasury yield fell to the lowest level since late March.