NEW YORK - U.S. stocks slumped on Thursday as investors dumped shares of companies in growth and cyclical sectors, with energy and technology leading declines, on fears that the escalating U.S.-China trade war would stymie global economic growth.
“It looks less and less like there will be a near-term resolution to the trade war, and the market is obviously spooked on that,” said Lamar Villere, partner and portfolio manager at Villere & Co in New Orleans. Adding to the downbeat mood in markets, data from IHS Markit showed U.S. manufacturing faltered in May, with new orders falling for the first time since August 2009.
Stocks succumbed to selling pressure in May after Washington and Beijing engaged in tit-for-tat tariffs and other retaliatory measures, with the S&P 500 on track to post its first monthly decline since the December sell-off.
TV This War trade is due to one important man decision that is Trump. Is he thinking like a businessman or a politicion? Real war in one hand & Trade war in other! Wow....
TV This is a problem China needs to solve.
TV China is imprisoning innocents for bogus political and religious reasons. Some of these prisoners reappear in public years later, a lot different.
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