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US stocks drop on downbeat earnings, trade tensions

Updated : August 16, 2018 08:23 AM IST

Second-quarter US earnings have mostly been stronger than expected, with 79.1 percent beating analyst expectations.
The trade fracas heated up as Turkish President Tayyip Erdogan doubled tariffs on some US imports, and China lodged a complaint with the World Trade Organization against American trade policies.
Tesla Inc stock fell 2.6 percent as the Securities and Exchange Commission sent the company subpoenas regarding Chief Executive Elon Musk's plan to go private, according to Fox Business Network.
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