Stocks slide as investors consider potential U.S.-China trade deal
U.S. stocks declined, reversing earlier gains made on the heels of reports of an impending trade deal between the U.S. and China.
The S&P 500 (^GSPC) fell 1.18%, or 33.15 points, as of 12:25 p.m. ET, with the Healthcare and Tech sectors leading declines. The Dow (^DJI) declined 1.43%, or 372.11 points, while the Nasdaq (^IXIC) slipped 0.43%, or 32.4 points.
Monday’s drop in the major U.S. equity indices comes following the Dow’s first weekly decline in 2019. However, equity performance has so far been strong for the year-to-date, with the S&P 500 posting an 11.5% gain between January and February, or the best two-month start to the year since 1991.
The U.S. and China are reportedly nearing a trade deal that would involve Beijing lowering tariffs on American farm, chemical, auto and other products and bumping up purchases of American goods. As part of the deal, the U.S. would lift many or all tariffs on Chinese products. Such an agreement could come as soon as the end of March, according to reports citing unnamed individuals familiar with the matter.
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