Stocks drop on Trump trade remarks.
U.S. stocks fell from a record high as President Donald Trump said he could impose more tariffs on China. Treasuries dropped and the dollar rose.
Goldman Sachs Group Inc. jumped on better-than-estimated results in its trading unit, and JPMorgan Chase & Co. rebounded from losses triggered by a disappointing lending outlook. Benchmark 10-year yields climbed on solid data, then pared their surge after Federal Reserve Chairman Jerome Powell said the central bank “will act as appropriate” amid increased uncertainties.
“Trade’s a big, big issue,” said Dave Campbell, a principal at San Francisco-based BOS, which manages about $4.5 billion. “There’s a lot of uncertainties — all of these are weighing on people’s minds right now.”
The euro slipped as investor confidence in Germany’s economic fell.
The pound slumped as the market once again reckoned with no-deal Brexit risk.
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