CNN – That was fast. Wall Street’s enthusiasm for the US-China trade truce has completely vanished.
The Dow dropped as much as 805 points, or 3%, on Tuesday. It was recently down about 700 points.
The S&P 500 declined 2.5%, while the Nasdaq tumbled 3%.
Big tech stocks fell sharply. Apple (AAPL), Amazon (AMZN) and Alphabet (GOOGL) lost more than 3% apiece.
The selloff wipes out Monday’s 288-point jump on the Dow. That rally had been fueled by relief over the ceasefire between the United States and China on the trade front.
But investors are quickly realizing that the US-China trade war is not over. The tariffs already put in place remain. And new tariffs could be implemented if the two sides fail to make progress.
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