Markets Right Now: Trump's Mexico tariffs sink stocks

NEW YORK — The latest on developments in financial markets (all times local):

4:00 p.m.

Stocks are closing lower on Wall Street after President Donald Trump surprised investors with tariffs on Mexican imports.

Bond yields also continued their plunge as investors scrambled into safer investments amid worries that the trade war's multiplying fronts will hurt economic growth and corporate profits. The yield on the 10-year Treasury sank to 2.13% and touched its lowest level since the summer of 2017.

Stocks of auto makers and railroad operators, which could be especially vulnerable to business disruptions from the tariffs, were some of the biggest losers. General Motors fell 4.3%, and Kansas City Southern lost 4.5%.

The Dow Jones Industrial Average lost 354 points, or 1.4%, to 24,815.

The S&P 500 index fell 36 points, or 1.3%, to 2,752, and the Nasdaq lost 114 points, or 1.5%, to 7,453.

____

11:55 a.m.

Stocks are still down sharply in midday trading on Wall Street after President Donald Trump surprised investors with tariffs on Mexican imports, but they've pared their losses since the morning.

Bond yields also continued their plunge as investors scrambled into safer investments amid worries that the trade war's multiplying fronts will hurt economic growth and corporate profits. The yield on the 10-year Treasury sank to 2.16% and touched its lowest level since the summer of 2017.

Stocks of auto makers and railroad operators, which could be especially vulnerable to business disruptions from the tariffs, were some of the biggest losers. General Motors fell 4.4%, and Kansas City Southern lost 5.7%.

The Dow Jones Industrial Average lost 230 points, or 0.9%, to 24,939. It had earlier been down as much as 1.3%.

The S&P 500 index fell 24 points, or 0.9%, to 2,764, and the Nasdaq lost 72, or 1%, to 4,495.

___

9:35 a.m.

Stocks are falling sharply on Wall Street after President Donald Trump surprised investors with tariffs on Mexican imports.

Carmakers, which could be especially vulnerable to business disruptions from the tariffs, took big losses in early trading Friday.

General Motors sank 3.9% and Ford lost 2.8%.

Kansas City Southern, a railroad operator that has a commercial corridor of the Mexican railroad system, fell 5.9%.

Trump said the tariff will start June 10 and will continue to rise until that country does more to stop migrants from approaching the U.S. border.

The Dow Jones Industrial Average lost 310 points, or 1.2%, to 24,862.

The S&P 500 index fell 36 points, or 1.3%, to 2,752 and the Nasdaq fell 105 points, or 1.4%, to 7,462.

You may also interested in

Rio Olympics over, final decision on Brazil president looms

Aug 24, 2016

After the party, the hangover: With the Rio Olympics fading into memory, Brazil returns to longstanding political divisions and prepares for a final Senate vote on whether to permanently oust its embattled President Dilma Rousseff

Investors to seek any hint of Yellen timetable on rate hikes

Aug 26, 2016

Investors to seek any hint in Yellen speech of a timetable for next rate hikes

Stock markets cautious ahead of key Fed speech

Aug 26, 2016

European shares are mostly lower following mixed trading in Asia, with investors preferring to sit on the sidelines ahead of U.S. Federal Reserve Chairwoman Janet Yellen's speech later in the day for cues on the timing of the next policy rate hike

Broaden News
Search

Manage The Numbers is the world’s fastest-growing finance news website, featuring the latest money and market news, along with in-depth analysis so you can make the best decision.

Contact us: sales@managethenumbers.com

Subscribe to our newsletter!

Name

Email