S&P 500 Tumbles 3.5% After US-China Feud Heats Up: Markets Wrap
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Economic angst enveloped every corner of Wall Street as US-China trade tensions escalate, sparking a slide in stocks, the dollar and oil, with liquidations in US assets pointing to disorder in the financial system.
A day after the biggest stock-buying wave in years, assets tied to the economic cycle are sinking again, with President Donald Trump’s mollifying message on trade talks providing little relief. Investors are rushing to game out how the effective freezing of Chinese trade will impact companies and growth. The S&P 500 fell 3.5%. The dollar saw its worst day since 2022. A solid US sale of 30-year Treasuries failed to ignite a rally, but signaled appetite for bonds.