Dow drops 179 points as Trump renews China trade concern

By , StocksFOXBusiness

Will the stock market go back to hitting new highs?

Money Map Press chief strategist Keith Fitz-Gerald, Belpointe Asset Management chief strategist David Nelson and Point View Wealth Management President David Dietze discuss the strength of the U.S. economy and why the stock market will continue to rise.

Stocks retreated on Tuesday as President Donald Trump reignited trade jitters when he said he was unhappy with the recent discussions with China.

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The Dow Jones Industrial Average slipped 178.88 points, or 0.72%, to 24,834.41. The S&P 500 fell 8.57 points, or 0.3%, to 2,724.44. The Nasdaq Composite was down 15.58 points, or 0.21%, to 7,378.46.

Trump said the U.S. has not yet reached an agreement to remove sanctions on Chinese telecom giant ZTE, though the two nations are “discussing deals.”

Earlier, China's Foreign Ministry said it had "reached a consensus" with Washington to start negotiations on a deal that would remove an existing U.S. order banning American companies from supplying ZTE.

TickerSecurityLastChange%Chg
I:DJIDOW JONES AVERAGES26548.22-179.32-0.67%
SP500S&P 5002917.38-27.97-0.95%
I:COMPNASDAQ COMPOSITE INDEX7884.71662-120.98-1.51%

On Monday, investors bid up stocks as trade concerns were put on the back burner. U.S. and Chinese officials had agreed over the weekend to delay tariffs that both nations had threatened to impose against each other.

Also in trade news, China cut tariffs on imported vehicles and car parts, a move that will benefit automakers including Tesla and BMW.

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Tesla shares were down more than 3% after CEO Elon Musk acknowledged that some Model 3 vehicles may have a braking problem. Tesla expects to provide a software fix over the next few days.

Sears Holdings fell nearly 7% on a report that the struggling retailer will close more stores this year.

U.S. oil futures fell 0.15% to $72.13 a barrel.

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