Wall Street tumbles on souring sentiment over U.S.-China trade talks
NEW YORK - U.S. stocks ended down sharply and near the day’s lows on Tuesday as news that the United States has imposed visa restrictions on Chinese officials overshadowed comments by Federal Reserve Chairman Jerome Powell suggesting openness to further interest rate cuts.
The move stoked tensions ahead of high-level trade talks in Washington this week and added to the day’s bearishness. Earlier, the U.S. government widened its trade blacklist to include some of China’s top artificial intelligence start-ups. Losses were broad-based, led by a 2% drop in the interest-rate sensitive S&P 500 financial index .SPSY, while the Philadelphia Semiconductor index .SOX dropped 3.1%.
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