United States stocks tumble amid falling Apple shares

Marco Green
December 10, 2019

Investors remain on edge as United States tariff hike looms.

Larry Kudlow, director of the White House National Economic Council, told CNBC on Friday that both sides were "close" to a deal, but suggested Trump was prepared to "walk away" if certain conditions were not met. Kudlow also confirmed that a December 15 deadline remained in place to impose tariffs on another $156 billion on Chinese goods.

XTB market analyst David Cheetham said: "Even though the Sunday deadline occurs when most markets will be closed, there will likely be several hints towards the likely outcome before then and this will probably be the main driver of risk appetite for the coming week".

"But as always it ultimately depends on what we get from President Donald Trump or China on what might be going on with the trade deal".

Ren's comments followed data showing that Chinese exports fell for a fourth straight month in November - potentially increasing pressure on Beijing to make a deal.

Most of the S&P 500 sectors were lower, with healthcare and tech weighing the most on the index. The three indexes are now less than 1% away from their all-time highs.

At midday, the Dow Jones Industrial Average declined 63.44 points, or 0.23 percent, to 27,951.62. The Nasdaq Composite Index dipped 34.70 points, or 0.40 percent, to 8,621.83.

Also in focus is the Federal Open Market Committee's two-day policy meeting, which starts on Tuesday. Merck shares were little changed.

Apple suppliers Qorvo Inc and Skyworks Solutions Inc rose about 2% each, after Bank of America Merrill Lynch upgraded shares of both companies. Shares of ArQule doubled in value following the news.

Advancing issues outnumbered declining ones on the NYSE by a 1.03-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners. The S&P 500 fell 9.95 points, or 0.32 percent, to 3,135.96.

Other reports by Click Lancashire

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