Wall Street dips as weak China data fuels slowdown fears

NEW YORK: Technology stocks led the Wall Street into the red on Tuesday as recessionary fears, fueled by declining producer prices from China, dampened investor risk appetite.

"The weakness coming out of China reflects a slowing economy as a result of trade negotiations," Hellwig added.Advertisement"The consensus is that time is on the side of China, but in the short term, as they see their economy slow and as supply chains shift, that puts pressure on them to get a deal done," said Hellwig.

Amid signs of a global economic slowdown, market participants largely expect the U.S. Federal Reserve and the European Central Bank to cut interest rates over the next two weeks, and Germany's finance minister suggested the nation was prepared for a big stimulus package if its economy tips into recession.The news from Germany sent U.S. Treasury yields higher, tracking German bonds.

Energy was the biggest percentage gainer, boosted by what appears to be the fifth consecutive daily increase in oil prices . Ford Motor Co's bond rating was downgraded to junk by Moody's, sending the automaker's shares down 2.6per cent.

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