NEW YORK: Wall Street stocks retreated early Tuesday following November US trade data that showed a decline in both imports and exports.
The US trade deficit unexpectedly shrank to $63.2 billion from a revised October figure of $64.5 billion, the Commerce Department said.
The fall in both imports and exports “fits with a weakening global economic environment,” said Briefing.com analyst Patrick O’Hare.
Dow hits two-week low as Boeing plummets; megacaps lift Nasdaq
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.7 percent at 37,418.36.
The broad-based S&P 500 shed 0.6 percent to 4,734.64, while the tech-rich Nasdaq Composite Index dropped 0.8 percent to 14,726.41.
Tuesday’s retreat came after stocks rallied Monday in a rebound from a lackluster opening trading week of 2024.
Among individual companies, Boeing fell 2.3 percent after United Airlines and Alaska Airlines reported loose hardware on Boeing 737 MAX 9 planes grounded following an emergency landing last week on an Alaska jet.
Spirit AeroSystems, a major Boeing supplier, fell 3.1 percent.
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