NEW YORK (AP) — The latest on developments in financial markets (all times local):
9:10 a.m.
U.S. stock markets are set for a sharply lower open as tensions over trade between the U.S. and China seem closer to a boil.
Futures are showing the Dow Jones industrials and S&P 500 each headed for a decline of at least 1 percent.
President Donald Trump is calling for 10 percent tariffs on $200 billion in Chinese imports. Last week, the U.S. levied tariffs of 25 percent on $50 billion of Chinese goods. China threatened to retaliate, leading Trump to seek broader penalties.
International markets slumped, with China-focused stocks hard hit. The Shanghai Composite Index fell 3.8 percent and Hong Kong’s Hang Seng lost 2.8 percent.
Bond prices are rising, sending rates lower. The yield on the U.S. 10-year Treasury fell to 2.88 percent from 2.92 percent.
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