07/09/2019

Wall Street Slips Amid Trade Concerns, Muted Rate Cut Hopes

U.S. stocks dropped as investors fretted over the U.S.-China trade dispute

U.S. stocks dropped on Tuesday as investors fretted over a hit to company earnings from the protracted U.S.-China trade dispute and reined in expectations of a big interest rate cut by the Federal Reserve later this month.

In the latest indication of the trade dispute hurting businesses, German chemicals giant BASF warned of a 30 percent fall in adjusted annual profit, while RBC Capital Markets downgraded 3M Co to "sector perform", citing macro pressures from China, auto and electronics sectors.

The industrial conglomerate's shares fell 1.4 percent and pulled down the S&P industrial sector 0.45 percent, the most among nine of the 11 major S&P sectors trading lower.

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