Dow falls 280 points as Trump says China trade deal can wait

Wells Fargo Investment Institute president Darrell Cronk discusses market strength despite trade uncertainty, his outlook for 2020 economic growth, the potential slump in U.S. manufacturing, and his advice to investors.

Stocks fell Tuesday, but closed well off the worst levels of the session, after President Trump said a U.S.-China trade deal may not happen until after the 2020 election.

The Dow Jones Industrial Average closed down 280 points, clawing back from a 458 point deficit, before finishing lower by 1 percent. The S&P 500 and Nasdaq were down 0.7 percent and 0.6 percent, respectively.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	37735.11	-248.13	-0.65%
SP500	S&P 500	5061.82	-61.59	-1.20%
I:COMP	NASDAQ COMPOSITE INDEX	15885.018605	-290.08	-1.79%

"In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now and we’ll see whether the deal’s gonna be right -- it's gotta be right," Trump told reporters in London where he is attending a NATO summit, adding that he has "no deadline" to complete an agreement.

He also blasted the European Union for taking financial advantage of the United States.

President Trump discusses how the European Union has historically taking advantage of the United States and his hopes to work out a new relationship.

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The trade-sensitive chipmakers were under pressure following the president's comments, as was the logistics giant FedEx which led the Dow Transports lower.

Ticker	Security	Last	Change	Change %
AMD	ADVANCED MICRO DEVICES INC.	160.32	-2.96	-1.81%
MU	MICRON TECHNOLOGY INC.	121.37	-1.15	-0.94%
FDX	FEDEX CORP.	266.74	-1.06	-0.40%

Retailers were unable to escape the selloff despite Adobe Analytics reporting Cyber Monday sales totaled a record $9.4 billion, up 19.7 percent year-over-year, a sign consumer spending is strong.

Ticker	Security	Last	Change	Change %
AMZN	AMAZON.COM INC.	183.00	-3.13	-1.68%
WMT	WALMART INC.	59.93	-0.21	-0.35%
TGT	TARGET CORP.	165.01	-1.11	-0.67%
M	MACY'S INC.	18.89	-0.41	-2.12%
JWN	NORDSTROM INC.	17.77	-1.29	-6.77%

Elsewhere, Pacific Gas and Electric Company gained after a California probe found the utility failed to inspect power lines that caused a 2018 wildfire. The latest setback for the embattled utility giant.

AK Steel rallied after announcing it agreed to be bought by iron ore miner Cleveland Cliffs in an all-stock deal at a valuation of about $1.1 billion, or $3.36 a share -- a 16 percent premium to Monday's closing price.

Ticker	Security	Last	Change	Change %
PCG	PG&E CORP.	16.28	-0.32	-1.93%
AKS	n.a.	n.a.	n.a.	n.a.
CLF	CLEVELAND-CLIFFS INC.	21.23	-0.42	-1.94%

Commodities gained with West Texas Intermediate crude oil up 0.6 percent near $56.30 a barrel and gold up 1 percent at $1,483 an ounce.

U.S. Treasurys were surged, pushing the yield on the 10-year note down 12 basis points to 1.716 percent, its lowest since Nov. 1.

In Europe, Britain's FTSE was down 1.8 percent, France's CAC fell 1 percent and Germany's DAX was up 0.2 percent.

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Overnight, Japan's benchmark Nikkei lost 0.6 percent, Hong Kong's Hang Seng fell 0.2 percent and China's Shanghai Composite gained 0.3 percent.