Dow Down Over 300 Points As Measure Of Manufacturing Activity Indicates Contraction

Stocks down as markets react to new China tariffs, Brexit jitters

The Dow Jones Industrial Average fell 285, or 1.1%, to 26,118. More than half of the public comments from companies surveyed by ISM pointed to economic uncertainty as a drag on their businesses.

Last week, the S&P 500 saw a 2.8% rise, while the Dow gained 3% - their strongest weekly advances since the week ended June 7.

On Sunday, the USA started charging a 15 per cent tariff on about $112 billion of Chinese products. On the Korean bourse, stocks slipped on the second trading day of the week as persistent worries over the China, U.S. trade spat led investors to trim their equity exposure.

Oil prices fell 3.4% and dragged energy stocks lower.

On Tuesday, technology companies drove a slide in US stocks as markets reopened following a holiday weekend and the latest round of tariff hikes by Beijing and Washington on each other's imports.

KEEPING SCORE: The S&P 500 fell 0.8% as of 11:05 a.m.

The Nasdaq Composite .IXIC was down 78.11 points, or 0.98%, at 7,884.78.

USA stocks started the day on weak footing as Washington and Beijing kicked off a new round of tariffs over the weekend, worrying investors who see no signs of an early resolution to the long-running trade war, which has rattled markets for months and weighed on world economies.

Investors fled riskier assets as the latest round of tariffs and the lack of a date for a resumption of US-China talks gnawed at any hopes for a resolution to the long-running trade war, which has rattled markets for months and weighed on world economies. The less closely watched Markit PMI for August came in a 50.3, above the previous estimate of 49.9, but still the lowest reading since September 2009. India's Sensex fell 1.6% to 36,731.51.

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To make this situation a bit clearer, J.P. Morgan Chase recently estimated that the US tariffs levied on Chinese goods so far has increased the average American family's annual budget by at least $600. Brent crude oil, the worldwide standard, slid 40 cents to close at $58.26 a barrel.

"We now have confirmation that the escalation in the trade war has spilled over to USA manufacturing just as it has to manufacturing around the globe", he added. Gold prices are up 1.8%, and the 10-year US Treasury bond yield dropped to its lowest level since July 2016, according to Refinitiv.

Chief business economist at IHS Markit Chris Williamson said: "The August PMI indicates that USA manufacturers are enduring a torrid summer, with the main survey gauge down to its lowest since the depths of the financial crisis in 2009".

Investor confidence has also been volatile due to the likely prospect of a no-deal Brexit, which could cause the United Kingdom, a major world economy, to plunge into a recession, with possible shortages of fresh food and medicine.

PROS FOR CONN'S: Conn's jumped 17.4% after the furniture and electronics retailer blew past Wall Street's second quarter profit forecasts. The Nasdaq dropped 2.6% in the month.

Silver rose 89 cents to $19.08 per ounce and copper fell 2 cents to $2.51 per pound.

CURRENCY: The dollar retreated to 106.06 yen from Monday's 106.22 yen.

Britain's Parliament was due to reconvene after Prime Minister Boris Johnson's office said he would call an early election if his opponents pass legislation that would block his plans to leave the European Union by an October 31 deadline.

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