Markets

US stocks dip as Nasdaq slips from record

  • About 10 minutes into trading, the Dow Jones Industrial Average was down 0.9 percent at 25,911.08.
Published June 24, 2020

NEW YORK: Wall Street stocks retreated early Wednesday as the US signaled possible new tariffs on European goods and coronavirus cases continued to climb in many states.

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.9 percent at 25,911.08.

The broad-based S&P 500 shed 0.7 percent to 3,111.08, while the tech-rich Nasdaq Composite Index dipped 0.1 percent to 10,124.09, pulling back from Tuesday's record close.

The US Trade Representative said it was weighing new tariffs on $3.1 billion in European goods amid a dispute over subsidies to planemaker Airbus, ratcheting up tensions with the European Union.

Meanwhile, public health officials are growing increasingly worried about higher coronavirus counts in many states in the southern and western United States.

In Texas, which had been among the most aggressive states in reopening, Governor Greg Abbott told a television interview that the "safest" place was home unless people had to go out.

While acknowledging these factors, Briefing.com analyst Patrick O'Hare said the early losses likely reflected profit taking and the market's "overbought" state that has lifted equity valuations.

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