NEW YORK — Stocks closed lower on Wall Street Monday, breaking a nine-day winning streak, as oil prices hit a four-year low after the OPEC+ group announced plans to increase output.
The losses came amid a relatively calm day of mostly mixed trading. They followed several weeks of gains that helped the market wipe away its losses since the ongoing trade war began.
Shares were mixed Tuesday in Asia after benchmarks fell on Wall Street, snapping a nine-day winning streak.
Oil prices bounced back part-way from a 4-year low and U.S. stock futures slipped.
A monthly survey measuring future activity in China’s services sector fell to its lowest level ever, excluding the pandemic, in a further sign the escalation of U.S.
» Read more about: Asian shares are mostly higher after Wall St breaks its winning streak »
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Wall Street’s key stock indices were mixed on Monday after President Donald Trump rekindled worries about the global trade war by imposing new tariffs.
As of 12:13 PM Eastern time, the S&P 500 fell 0.3%. The Dow Jones Industrial Average rose 0.3% and the Nasdaq Composite fell 0.5%.
Investing
The markets are threatening to end their winning streak to start this data-filled week.
» Read more about: S&P 500 INDEX (SPX) Live: The Markets Turn Cautious in Data-Filled Week »
The S&P 500 concluded its longest gain streak in 20 years this Monday, reflecting investor apprehension following President Donald Trump’s new tariff announcement, along with anticipation surrounding the Federal Reserve’s imminent monetary policy decision this week.
Trump declared a 100% tariff on foreign-produced movies on Sunday, lacking detailed implementation plans, which induced immediate market reactions.
» Read more about: S&P 500 Breaks Streak Amid Tariff Uncertainty »
The ASX 200 has zig-zagged in the early moments on trading on Tuesday after a slump on Wall Street where the S&P 500 broke its longest winning streak in two decades.
The Australian stock market’s largest tech company WiseTech sank more than five per cent before recovering some of the loss after flagging possible headwinds from global economic uncertainty and the trade war.
US stock futures held steady after President Trump’s latest remarks dimmed hopes of tariff relief, adding to Wall Street’s sense of uncertainty ahead of the Federal Reserve’s next policy decision.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) traded flat.