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Dow falls 249 as Trump trade fears weigh on stocks

Trade jitters continue to weigh on Wall Street.The Dow slid 249 points on Wednesday as President Trump escalat...

Posted: Mar 15, 2018 10:47 PM

Trade jitters continue to weigh on Wall Street.

The Dow slid 249 points on Wednesday as President Trump escalated threats to clamp down on China. Earlier in the day, the Dow was down as much as 338. The S&P 500 dropped 0.5%, and the Nasdaq shed 0.1%.

Reuters reported on Tuesday that Trump was considering tariffs of up to $60 billion on Chinese imports in response to its alleged theft of US intellectual property. The US Trade Representative's office declined to comment on possible tariffs.

The report came after Trump blocked a $117 billion deal between chipmakers Broadcom and Qualcomm - an attempt to curb China's growing progress in the global technology race.

Related: Trump blocks Broadcom's $117 billion Qualcomm bid over national security

"The market is hyper-vigilant on potential action from the White House," Quincy Krosby, chief market strategist at Prudential Financial, said.

Boeing, the United States' largest exporter, lost 2.5%, shaving about 60 points off the Dow. Investors are worried that Boeing would be caught in the crosshairs of a trade fight between the two countries. China is Boeing's second-largest market behind the United States.

"Boeing is the poster child for international sales," said Brad McMillan, chief investment officer at Commonwealth Financial Network. "They're competing against Airbus and a handful of companies around the world. They are more directly impacted than anybody else would be."

The market has been under pressure since Trump announced plans to impose 25% tariffs on imported steel and 10% on aluminum. Trump signed off on the tariffs last week, granting exemptions to Mexico and Canada. Other countries could still be granted exemptions.

Related: Trump's tariff bombshell: Catch up here

Wall Street breathed a sigh of relief Wednesday when Trump tapped conservative media analyst Larry Kudlow to become his next chief economic adviser.

Kudlow is a free trade advocate and has opposed Trump's tariffs. Investors hope he can counter the protectionist wing of Trump's administration, including Commerce Secretary Wilbur Ross, US Trade Representative Robert Lighthizer and trade adviser Peter Navarro.

The Federal Reserve's plans for raising interest rates also loom in the background.

The Fed has signaled three rate hikes this year, but rising wage growth and creeping inflation could force it to act faster than investors have projected.

On Wednesday, retail sales data came in weaker than economists estimated, a signal the Fed may not need a fourth hike to keep inflation in check. New Fed chair Jerome Powell will preside over his first Fed meeting next week.

The yield on the 10-year Treasury note, which has climbed as expectations of additional rates have risen, fell Wednesday to 2.81%.

- CNNMoney's Matt Egan contributed to this report.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 604184

Reported Deaths: 7620
CountyCasesDeaths
Hennepin1248631774
Ramsey52480895
Dakota46804470
Anoka42746458
Washington27416291
Stearns22552224
St. Louis18137312
Scott17548135
Wright16370149
Olmsted13391102
Sherburne1201295
Carver1066448
Clay825892
Rice8196110
Blue Earth762543
Crow Wing681594
Kandiyohi667885
Chisago619752
Otter Tail585884
Benton582998
Goodhue483874
Douglas475381
Mower470733
Winona461251
Itasca459263
Isanti439964
McLeod430361
Morrison424662
Nobles407950
Beltrami407561
Steele397616
Polk389072
Becker386655
Lyon363853
Carlton352756
Freeborn346932
Pine335023
Nicollet331045
Mille Lacs311654
Brown307840
Le Sueur297226
Cass286032
Todd285632
Meeker263142
Waseca238023
Martin235332
Roseau211021
Wabasha20783
Hubbard196441
Dodge18783
Renville182446
Redwood176338
Houston174616
Cottonwood167124
Wadena162823
Fillmore157410
Faribault154419
Chippewa153938
Pennington153820
Kanabec146828
Sibley146810
Aitkin138837
Watonwan13579
Rock128719
Jackson122612
Pipestone116726
Yellow Medicine114920
Pope11296
Murray107010
Swift106918
Koochiching95217
Stevens92411
Clearwater89016
Marshall88817
Wilkin83213
Lake83120
Lac qui Parle75622
Big Stone6044
Grant5938
Lincoln5843
Mahnomen5669
Norman5479
Kittson49022
Unassigned48293
Red Lake4017
Traverse3775
Lake of the Woods3453
Cook1720

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 370914

Reported Deaths: 6048
CountyCasesDeaths
Polk58232640
Linn21204339
Scott20306247
Black Hawk16119312
Woodbury15238230
Johnson1461585
Dubuque13506211
Dallas1128999
Pottawattamie11223174
Story1071448
Warren583991
Clinton561493
Cerro Gordo553593
Sioux517074
Webster515494
Muscatine4880106
Marshall486676
Des Moines467271
Wapello4337122
Buena Vista426940
Jasper421172
Plymouth402981
Lee382356
Marion366076
Jones300957
Henry294637
Bremer288261
Carroll286852
Crawford268540
Boone268434
Benton259655
Washington256751
Dickinson249344
Mahaska232351
Jackson225242
Clay216627
Kossuth216166
Tama211871
Delaware210943
Winneshiek198535
Page194522
Buchanan193733
Cedar192223
Hardin187444
Fayette186543
Wright185940
Hamilton181851
Harrison179973
Clayton171057
Butler166235
Madison164619
Mills163724
Floyd163342
Cherokee159338
Lyon158841
Poweshiek157036
Allamakee152652
Hancock150234
Iowa149824
Winnebago144531
Cass139255
Calhoun138913
Grundy137333
Emmet135841
Jefferson133435
Shelby131537
Sac130920
Union129935
Louisa129749
Appanoose129049
Mitchell126643
Chickasaw124717
Franklin123323
Guthrie123232
Humboldt119626
Palo Alto113523
Howard104922
Montgomery103638
Clarke100924
Keokuk96532
Monroe96330
Unassigned9560
Ida91535
Adair87332
Pocahontas85822
Davis85225
Monona82931
Osceola78916
Greene78011
Lucas77923
Worth7598
Taylor66812
Fremont6269
Decatur6169
Van Buren56418
Ringgold56324
Wayne54423
Audubon53411
Adams3444
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