, the latest salvo in the two countries' increasingly belligerent trade war, sending investors fleeing equities for less risky assets.All three major US indexes lost ground in a widespread sell-off, with the tech-heavy Nasdaq posting its biggest one-day percentage loss this year. The S&P 500 and the Dow both had their largest percentage drop since January 3.
"It could be very bad," O'Rourke added. "There's a lot of uncertainty. This should lead to further slowing in the economy."US Treasury yields fell to six-week lows, with 10-year yields falling below those of 3-month bills, an inversion seen by many as a potential harbinger of recession.The CBOE Volatility index, a gauge of investor anxiety, posted its biggest daily point gain so far this year.
Among stocks particularly vulnerable to US-China tariffs, Boeing slid 4.9 per cent and Caterpillar fell 4.6 per cent while the Philadelphia Chip index was down 4.7 per cent, posting its biggest percentage drop since January 3 and extending last week's 6 per cent decline. Analysts now see an S&P 500 earnings increase of 1.3 per cent for the January-March period, significantly better than the 2 per cent decrease expected on April 1.
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