Dow falls 249 as Trump trade fears weigh on stocks

Trade jitters continue to weigh on Wall Street.The Dow slid 249 points on Wednesday as President Trump escalat...

Posted: Mar 15, 2018 10:47 PM

Trade jitters continue to weigh on Wall Street.

The Dow slid 249 points on Wednesday as President Trump escalated threats to clamp down on China. Earlier in the day, the Dow was down as much as 338. The S&P 500 dropped 0.5%, and the Nasdaq shed 0.1%.

Reuters reported on Tuesday that Trump was considering tariffs of up to $60 billion on Chinese imports in response to its alleged theft of US intellectual property. The US Trade Representative's office declined to comment on possible tariffs.

The report came after Trump blocked a $117 billion deal between chipmakers Broadcom and Qualcomm - an attempt to curb China's growing progress in the global technology race.

Related: Trump blocks Broadcom's $117 billion Qualcomm bid over national security

"The market is hyper-vigilant on potential action from the White House," Quincy Krosby, chief market strategist at Prudential Financial, said.

Boeing, the United States' largest exporter, lost 2.5%, shaving about 60 points off the Dow. Investors are worried that Boeing would be caught in the crosshairs of a trade fight between the two countries. China is Boeing's second-largest market behind the United States.

"Boeing is the poster child for international sales," said Brad McMillan, chief investment officer at Commonwealth Financial Network. "They're competing against Airbus and a handful of companies around the world. They are more directly impacted than anybody else would be."

The market has been under pressure since Trump announced plans to impose 25% tariffs on imported steel and 10% on aluminum. Trump signed off on the tariffs last week, granting exemptions to Mexico and Canada. Other countries could still be granted exemptions.

Related: Trump's tariff bombshell: Catch up here

Wall Street breathed a sigh of relief Wednesday when Trump tapped conservative media analyst Larry Kudlow to become his next chief economic adviser.

Kudlow is a free trade advocate and has opposed Trump's tariffs. Investors hope he can counter the protectionist wing of Trump's administration, including Commerce Secretary Wilbur Ross, US Trade Representative Robert Lighthizer and trade adviser Peter Navarro.

The Federal Reserve's plans for raising interest rates also loom in the background.

The Fed has signaled three rate hikes this year, but rising wage growth and creeping inflation could force it to act faster than investors have projected.

On Wednesday, retail sales data came in weaker than economists estimated, a signal the Fed may not need a fourth hike to keep inflation in check. New Fed chair Jerome Powell will preside over his first Fed meeting next week.

The yield on the 10-year Treasury note, which has climbed as expectations of additional rates have risen, fell Wednesday to 2.81%.

- CNNMoney's Matt Egan contributed to this report.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 32888

Reported Deaths: 1188
CountyConfirmedDeaths
Hinds259141
DeSoto172418
Madison132635
Jones114049
Neshoba100473
Rankin98213
Harrison96911
Lauderdale92280
Forrest91643
Scott77915
Jackson68917
Copiah62015
Washington61710
Leake58919
Lee56220
Holmes56041
Oktibbeha55227
Wayne54515
Warren53218
Yazoo5236
Lowndes50913
Grenada5067
Leflore50053
Lamar4917
Lincoln48434
Pike45416
Monroe42534
Sunflower4208
Lafayette4094
Covington3755
Attala36523
Panola3646
Bolivar35618
Newton3479
Simpson3453
Adams31518
Tate31011
Pontotoc3046
Marion30012
Chickasaw28719
Claiborne28410
Winston2808
Noxubee2728
Jasper2676
Pearl River26532
Marshall2583
Clay24911
Smith22911
Union21810
Clarke21025
Coahoma2056
Walthall2056
Lawrence1872
Yalobusha1807
Kemper17914
Carroll16811
Humphreys1569
Tallahatchie1454
Calhoun1414
Montgomery1392
Tippah13811
Itawamba1378
Hancock13413
Webster12711
Jefferson Davis1134
Tunica1133
Jefferson1103
Prentiss1103
Greene1059
Amite1043
Wilkinson939
George913
Tishomingo891
Quitman811
Choctaw754
Alcorn742
Perry724
Stone692
Franklin452
Benton420
Sharkey370
Issaquena101
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 46424

Reported Deaths: 1032
CountyConfirmedDeaths
Jefferson5486155
Montgomery4246105
Mobile4219136
Tuscaloosa234644
Marshall177011
Madison15548
Lee143337
Shelby135724
Morgan11285
Walker98525
Baldwin9809
Elmore96215
Dallas9109
Franklin90216
Etowah79013
DeKalb7615
Chambers64327
Autauga63612
Butler63228
Tallapoosa60469
Russell5680
Unassigned52226
Limestone5181
Houston5106
Lauderdale5016
Lowndes47821
Cullman4705
Pike4525
Colbert4266
St. Clair4162
Escambia4118
Calhoun3875
Coffee3863
Covington3727
Bullock36810
Barbour3572
Talladega3237
Marengo31711
Hale31521
Dale3020
Jackson3022
Wilcox2948
Sumter28512
Clarke2836
Winston2663
Chilton2622
Blount2511
Monroe2412
Pickens2386
Marion23613
Conecuh2177
Randolph2169
Macon1999
Choctaw19712
Bibb1961
Greene1868
Perry1791
Henry1363
Crenshaw1253
Washington1187
Lawrence1090
Cherokee1037
Geneva840
Lamar801
Fayette721
Clay692
Coosa591
Cleburne391
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