NEW YORK (AP) — Stocks slumped in morning trading on Wall Street Tuesday as trade tensions escalate again with China.
The S&P 500 fell 1%. The Dow Jones Industrial Average slipped 383 points, or 0.8%, as of 9:57 a.m. Eastern time. The Nasdaq composite shed 1.5%.
The slide marks another sharp twist for markets over the last few days. Wall Street tumbled on Friday for its worst day since April and bounced back on Monday for its best day since May. The swings were prompted by shifting trade sentiment between the U.S. and China.
The latest dip follows China’s Commerce Ministry banning dealings by Chinese companies with five subsidiaries of South Korean shipbuilder Hanwha Ocean, swiping at President Donald Trump’s efforts to rebuild the industry in America. European markets were lower and As