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07 December 2018, 02:12 | Joann Bryant
Traders work on the floor of the New York Stock
-China trade talks rattled investors who had been in a buying mood earlier this week. Benchmark U.S. crude gained 0.6 percent to settle at $53.25 per barrel in NY. As we get headwinds from trade worries fading, you get an inverted yield curve and another brick added to the market's wall of worry, ' said Hogan.
Concern over a possible recession also had a negative impact on the markets, as the yield on the three-year Treasury note surpassed its five-year counterpart on Monday.
A day after global stocks rallied on a weekend US-China announcement suspending new tariffs, global markets mostly pulled back as investor focus shifted to the murkiness over what was agreed to and the difficulty reaching resolution to disputes on thorny matters such as intellectual property.
ASIA'S DAY: Hong Kong's Hang Seng index tumbled 2.5 percent to 26,156.38 and Japan's benchmark Nikkei 225 fell 1.9 percent to 21,501.62.
US stocks veered sharply lower in afternoon trading today, pulling the Dow Jones Industrial Average down 700 points. The market gained Monday after the Trump administration said USA and China agreed to a temporary cease-fire in a trade dispute. Trump renewed threats of tariff hikes on Tuesday, saying on Twitter that Washington would have a "real deal" with China or else would charge "major tariffs" on Chinese goods.
In a much-anticipated weekend meeting between Donald Trump and Xi Jinping, the heads of the world's two biggest economies hammered out a deal that will see them hold off on their tit-for-tat tariffs row, which has roiled global equities for months.
FED WATCH: Markets got jolt from remarks by the president of the Fed's NY regional bank. During a briefing with reporters, Williams said that, given his outlook for strong economic growth, he continues to "expect that further gradual increases in interest rates will best sponsor a sustained economic expansion".
The jitters helped drive demand for government bonds today, pushing prices higher. Copper fell 1.8 percent to $2.78 a pound. The slide in bond yields, which affect interest rates on mortgages and other consumer loans, weighed on bank stocks. Brent crude, used to price worldwide oils, lost 63 cents to $61.45 per barrel in London.
The dollar weakened to 113 yen from 113.69 yen late Monday. The FTSE 100 index of leading British shares slid 0.6 per cent. The euro declined to $1.1330 from $1.1343. Hovnanian Enterprises led most builders lower, giving up 10.3 percent to $1.10.
AutoZone climbed 5.6 percent to $870.65 after the auto parts retailer delivered third-quarter earnings that exceeded analysts' forecasts.
Gold gained 0.6 percent to $1,246.60 an ounce. Germany's DAX lost 1.1 percent, while France's CAC 40 dropped 0.8 percent.
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