US stocks fall after Trump rips China on trade

US President Donald Trump speaks to the media prior to departing from the South Lawn of the White House in Washington, DC, July 30, 2019, as he travels to the 400th anniversary of Jamestown. — AFP pic
US President Donald Trump speaks to the media prior to departing from the South Lawn of the White House in Washington, DC, July 30, 2019, as he travels to the 400th anniversary of Jamestown. — AFP pic

NEW YORK, July 30 — Wall Street stocks fell early today, buffeted by renewed trade war anxiety as US-China talks resumed, and as markets awaited a key Federal Reserve decision.

President Donald Trump ripped into China on Twitter after US negotiators arrived in Shanghai, denting expectations that the talks will boost the odds of a deal in the near future.

Speaking just before the start of a two-day Fed meeting at which the US central bank was expected to lower the benchmark interest rate, Trump also said he wants to see “a large cut.”

About 20 minutes into trading, the Dow Jones Industrial Average stood at 27,125.95, down 0.4 per cent.

The broad-based S&P 500 also shed 0.4 per cent to 3,007.77, while the tech-rich Nasdaq Composite Index dropped 0.6 per cent to 8,247.17.

Among individual companies, Capital One sank 5.4 per cent after it disclosed that a hacker had accessed some 100 million credit card applications, one of the biggest hacks ever.

Procter & Gamble jumped 3.3 per cent as it reported that quarterly sales rose 3.6 per cent to US$17.1 billion, which was better than expected. The consumer products giant reported a US$5.2 billion quarterly loss following an US$8 billion accounting hit on the lower value of the Gillette shaving business.

Beyond Meat plummeted 15.3 per cent as it reported a much bigger loss than expected. The plant-based meat company lost US$9.4 million during the second quarter, while revenues surged 287 per cent to US$67.3 million. — AFP

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