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.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more