Stock Market Update: Boeing, Tesla, DuPont, and More in Focus
In a turbulent trading session, U.S. equities took a hit as fears of a trade war intensified. China’s retaliation against U.S. tariffs triggered a sell-off, with major indices plunging for the second consecutive session. The S&P 500 and Nasdaq both fell by around 4%, while the Dow Jones Industrial Average dropped roughly 3.5%.Boeing (BA) led the Dow’s decline, suffering from its significant exposure to Chinese markets. The aviation giant's shares fell sharply as China imposed retaliatory tariffs on U.S. goods.
The energy sector also faced setbacks as oil prices dropped in response to the escalating trade tensions. Oil stocks like Chevron (CVX) and APA Corporation (APA) saw significant losses.
Meanwhile, DuPont (DD) found itself under pressure after Chinese regulators announced an antitrust investigation into the chemicals giant, leading to a decline in its share value.
Tesla (TSLA) also faced headwinds after JPMorgan cut its profit outlook, citing weaker-than-expected deliveries and concerns over brand perception. The stock fell as a result.
Amid the turbulence, homebuilder stocks like D.R. Horton (DHI) bucked the trend, gaining ground as recession fears pushed interest rates lower. The yield on the 10-year Treasury dipped below 4%, benefiting the housing sector.
Nike (NKE) managed to recover some of its previous losses, becoming the Dow's top performer, as the impact of Vietnam-related tariffs eased.
Elsewhere in the markets, gold prices fell, the U.S. dollar strengthened against the euro and pound, but weakened against the yen. Most cryptocurrencies, on the other hand, traded higher, offering some respite amid the broader market downturn.
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