Wall Street declined on Tuesday led by energy and industrial shares amid uncertainty over trade policy and other geopolitical issues.
The Dow Jones Industrial Average fell 179 points, or 0.7%, to 24,834. The S&P 500 lost nine points, or 0.3%, to 2,724. The Nasdaq Composite Index lost 16 points, or 0.2%, to 7,378.
US President Donald Trump said he was not happy with the recent US-China trade talks and also raised doubts about the upcoming North Korea summit. Trump also said the China trade talks “were a start” and that there was no deal with China on ZTE Corp.
Among the day’s biggest decliners were industrial stocks, a sector that is heavily correlated with trade concerns. The group lost 1.3% while the materials sector lost 0.9%.
Among notable decliners in the industrial space, Boeing Co. lost 2.5% while Caterpillar Inc. ended down 1.7%. 3M Co. fell 1.4%. All three were among the biggest decliners on both the Dow and the S&P.
The financial sector rose 0.9% on hopes that a bill aimed at easing bank rules could be passed as soon as this week.
The consumer discretionary index declined 0.3% after warnings from retailer Kohl’s and auto parts seller Autozone. Kohl’s tumbled 9.5%, weighing on other retailers, after forecasting slower growth in the second half of the year.
Also, Autozone plunged 8.7% after warning higher costs would persist due to wage pressure.
Shares of Micron Technology rose 6.4% after the memory-chip maker announced a $10 billion stock-buyback plan.
J.C. Penney Co. fell 6% after the company’s chief executive quit to take over leadership of Lowe’s Cos. Shares of Lowe’s fell 1.9%.
In Asia, shares were trading mixed on Wednesday in morning session after Wall Street retreated overnight in response to Trump's remarks on US-China trade talks.
In Tokyo, Nikkei 225 eased 0.22% and the Topix was off by 0.09%. Meanwhile, the Kospi shed 0.08%. Over in Sydney, the S&P/ASX 200 edged up by 0.24%.
In China, the Shanghai Composite Index was down 0.69%, while Hong Kong’s Hang Seng Index was trading 0.76% lower.