Wall Street loses early gains as trade concerns abound
Updated : May 29, 2019 06:34 AM IST
US President Donald Trump on Monday said he was "not yet ready" to make a deal with China, although he expected one could be reached in the future. An expanding tariff battle between the two sides has raised concerns the trade war would lead to a global economic slowdown.
The uncertainty has pushed investors toward safe-haven assets, which resulted in benchmark 10-year US Treasury yields dropping to their lowest since October 2017, while the spread between the 10-year and 3-month bills narrowed to nearly a 12-year low.
The Dow Jones Industrial Average fell 237.32 points, or 0.93 percent, to 25,348.37, the S&P 500 lost 23.91 points, or 0.85 percent, to 2,802.15 and the Nasdaq Composite dropped 29.66 points, or 0.39 percent, to 7,607.35.