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Wall Street drops on trade worries, S&P 500 nears correction

Updated : October 30, 2018 06:30 AM IST

Following a morning rally, major US indexes pulled back steeply after a Bloomberg report that the US is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Xi Jinping falter.
The so-called FANG growth stocks - Facebook, Amazon, Netflix and Alphabet - have lost more than $200 billion in market value in the past two sessions.
In corporate news, shares of software maker Red Hat Inc surged 45.4 percent after the company agreed to be bought by IBM Corp for $34 billion, but IBM shares fell 4.1 percent, weighing on the Dow and S&P.
Wall Street drops on trade worries, S&P 500 nears correction
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