Markets Right Now: Trade tensions send US markets lower

Markets Right Now: Trade tensions send US markets lower
The Associated Press

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening lower as the U.S. announces a 25 percent tariff on $50 billion in imports from China, ratcheting up a trade dispute.

China is expected to retaliate, and technology and industrial companies, which do a lot of business overseas, fell Friday.

Aircraft maker Boeing lost 2.4 percent and machine maker Caterpillar shed 1.9 percent. Both companies are members of the Dow Jones industrials, which fell 178 points, or 0.7 percent, to 24,996.

The S&P 500 slipped 11 points, or 0.4 percent, to 2,771 and the Nasdaq composite declined 38 points, or 0.5 percent, to 7,723.

Investors worried about a trade war sought the safety of bonds. The yield on the 10-year Treasury fell to 2.91 percent.

Indexes in Asia and Europe fell, although Japan’s Nikkei rose 0.5 percent.

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