Thursday, July 7, 2022

Sharp decline in US stocks on US-China trade differences


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at

U.S. stock indexes closed sharply lower after a day off on Tuesday as the Washington called off this week’s talks with China on trade due to outstanding differences on two issues concerning intellectual property rights and Chinese subsidies that discriminate against foreign investors.


On Tuesday trade, Netflix added to losses from previous week, when the streaming giant reported mixed fourth-quarter results and guidance. Its shares fell 4%. Furthermore, Facebook, Apple and Alphabet also closed lower at the trading end.


The Dow Jones Industrial Average DJIA, -1.22%, down around 299 points or -1.2%, to 24,408.


The S&P 500 index SPX, -1.42%, or -1.4%, to 2,633, and the Nasdaq Composite COMP, -1.91%, shed -1.9%, to closed at 7,020.


The International Monetary Fund also sliced its growth forecast to 3.5% in 2019, from 3.7% in 2018, though it kept its anticipation for the U.S. economy unaffected.



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