Stocks on Wall Street started the new trading month on a down note. President Donald Trump's tweet about restoring tariffs on metal imports from Brazil and Argentina dampened sentiment. Weak manufacturing and construction spending data added to the gloom. Stocks fell nearly across the board, driving the Dow and S&P down 9-10th%.
Wedbush Securities managing director for equities research, Dan Ives:
SOUNDBITE: WEDBUSH SECURITIES EQUITIES RESEARCH MANAGING DIRECTOR, DAN IVES (ENGLISH) SAYING:
"I view this as short-lived. I still see a rally into year end with special focus on U.S.-China in terms of any improvement there, in terms of a 'phase one' deal."
Tech stocks led the decliners. Roku shares dropped. Morgan Stanley downgraded shares of the video streaming device maker to "underweight" from "equal weight," saying it'll be hard for Roku to sustain the current premium in its valuation.
Energy stocks bucked the trend. Rising oil prices pushed up shares of Marathan Oil and Cimarex Energy.
U.S. steel makers like United States Steel and AK Steel also rose on news of the tariffs.