Tech Leads Stock Slump; Oil Falls to 4-Month Low: Markets WrapMore
(Bloomberg) — U.S. tech shares slumped as concern about trade tensions blunted optimism that slower-than forecast inflation would allow the Federal Reserve to cut rates. Oil plunged to a four-month low.
Chipmakers were among the worst performers as the S&P 500 Index slipped, with defensive sectors like utilities faring the best. The tech-heavy Nasdaq 100 declined the most in a week as Facebook fell. Crude dropped to the lowest since January on concern the trade dispute between the U.S. and China could trip up the global economy. The dollar strengthened and Treasuries climbed.
Just as investor concern over protectionism and global growth seemed to be easing, a fresh wave of uncertainty followed President Donald Trump’s announcement