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.
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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.
|I:DJI||DOW JONES AVERAGES||27952.19||-62.87||-0.22%|
|I:COMP||NASDAQ COMPOSITE INDEX||8655.204935||-1.32||-0.02%|
"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.
The trade-sensitive chipmakers were under pressure following the president's comments, as was the logistics giant FedEx which led the Dow Transports lower.
|AMD||ADVANCED MICRO DEVICES INC.||39.32||-0.31||-0.78%|
|MU||MICRON TECHNOLOGY INC.||46.84||-1.09||-2.28%|
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.
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.
|PCG||PG & E CORP.||11.30||+1.65||+17.10%|
|AKS||AK STEEL HOLDING CORPORATION||3.35||+0.12||+3.72%|
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.
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.