U.S. stock markets were lower today as technology names such as Apple and Amazon.com fell. The market wonders if President Donald Trump will make good on threats to set new tariffs on $200 billions of Chinese goods.
Seven of the 11 major S&P 500 sectors were lower, with a 0.75% drop in the consumer discretionary sector leading the declines, weighed by shares of Amazon that fell 2.2 percent. The technology sector dropped 0.34 percent pressured by a 1.4 percent decline in shares of Apple. Apple had earlier said tariffs could hit a “wide range” of its products.
“Investors are slowly starting to realize that these new tariffs could be extremely disruptive to the supply chain,” said Art Hogan, chief market strategist at B. Riley FBR in New York.
Twitter fell 4.3%, the most on the S&P, after brokerage MoffettNathanson flagged concerns over rising expenses. The energy sector rose 0.41 percent as oil prices climbed on supply concerns from U.S. sanctions on Iran.
The S&P index recorded 24 new 52-week highs and no new lows, while the Nasdaq recorded 34 new highs and 28 new lows.
[cta_en link=”http://bit.ly/2w6LBL6″ name=”Trade now”][/cta_en]