MARKETS: U.S. stocks moved broadly lower in early trading Tuesday, with banks and industrial companies leading the losses.
FILE- In this April 2, 2019, file photo specialist Gregg Maloney, left, and trader Tommy Kalikas work on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Tuesday, April 9. U.S. stocks moved broadly lower in early trading Tuesday on Wall Street, putting the S&P 500 index at risk of ending an eight-day winning streak.
The early drop comes on the heels of The International Monetary Fund's dour forecast for global economic growth. It now expects 3.3% global growth in 2019, matching the weakest year since 2009. The U.S. fares particularly poorly, with growth now expected at 2.3%, down from 2.9% in 2018. The latest round of corporate earnings reports will kick off on Wednesday with Delta Air Lines. Several banks, including JPMorgan Chase, will release their first-quarter results on Friday.
TRADE TROUBLES: European markets gave up early gains and turned broadly lower after the U.S. threatened to impose $11.2 billion of tariffs on European products, including cheese, wine and helicopters. The move would escalate a global trade war at the same time the U.S. is trying to resolve a trade dispute with China.
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