STREAMING NOW: Watch Now

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 11:47 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.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 30901

Reported Deaths: 1964
CountyConfirmedDeaths
Marion9040531
Lake3191167
Cass15796
Allen121365
St. Joseph113234
Hendricks110365
Hamilton109291
Johnson1065102
Elkhart93827
Madison57658
Bartholomew46733
Porter46521
Clark45038
LaPorte38721
Tippecanoe3563
Jackson3531
Howard34417
Delaware34027
Hancock31527
Shelby31121
Floyd31138
Boone27935
Morgan25724
Vanderburgh2402
Decatur22131
White2128
Montgomery21114
Clinton2041
Harrison18321
Grant17820
Noble17420
Dubois1712
Greene16723
Warrick16326
Dearborn16221
Monroe15810
Henry1556
Lawrence14222
Miami1351
Vigo1357
Putnam1297
Jennings1264
Orange12222
Scott1153
Ripley1126
Franklin1068
Carroll882
Daviess8116
Steuben762
Newton7210
Wabash722
Kosciusko711
Wayne665
Marshall611
LaGrange592
Washington521
Jasper521
Fayette504
Fulton461
Rush452
Jefferson411
Jay410
Clay381
Pulaski380
Randolph373
Whitley342
Brown331
Sullivan311
Starke303
Owen301
DeKalb281
Knox240
Benton240
Crawford230
Perry230
Huntington222
Tipton221
Wells220
Switzerland190
Blackford191
Fountain172
Parke170
Posey170
Spencer141
Gibson132
Ohio130
Adams121
Warren121
Martin100
Union80
Vermillion80
Pike50
Unassigned0152
West Lafayette
Scattered Clouds
78° wxIcon
Hi: 88° Lo: 69°
Feels Like: 80°
Kokomo
Clear
78° wxIcon
Hi: 87° Lo: 66°
Feels Like: 80°
Rensselaer
Scattered Clouds
75° wxIcon
Hi: 89° Lo: 66°
Feels Like: 75°
Fowler
Scattered Clouds
75° wxIcon
Hi: 87° Lo: 66°
Feels Like: 75°
Williamsport
Scattered Clouds
70° wxIcon
Hi: 86° Lo: 68°
Feels Like: 70°
Crawfordsville
Scattered Clouds
66° wxIcon
Hi: 84° Lo: 68°
Feels Like: 66°
Frankfort
Broken Clouds
70° wxIcon
Hi: 86° Lo: 67°
Feels Like: 70°
Delphi
Clear
74° wxIcon
Hi: 89° Lo: 68°
Feels Like: 74°
Monticello
Clear
74° wxIcon
Hi: 91° Lo: 67°
Feels Like: 74°
Logansport
Scattered Clouds
73° wxIcon
Hi: 86° Lo: 67°
Feels Like: 73°
Warm Temperatures For Memorial Day
WLFI Radar
WLFI Temps
WLFI Planner

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events