Stocks Fall After Historic Run as Trade Risks Loom: Markets Wrap
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A historic stock-market run came to a halt as President Donald Trump’s latest tariff remarks provided little relief to investors bracing for the impacts of his trade war on the economy and corporate earnings.
Despite data showing a pick-up in growth at US service providers, the S&P 500 halted its longest rally in about 20 years. While Trump suggested some trade deals could come as soon as this week, there was no indication of an imminent accord with China. In late hours, Ford Motor Co. pulled its financial guidance and said auto tariffs will take a toll on profit. Palantir Technologies Inc. sales forecast fell short of Wall Street’s high hopes.