The stock exchanges in New York were in the red on Wednesday. Trade tensions remained above the market. China is considering using its strong dominant position in the field of rare metals against the United States to exert pressure in the ongoing trade conflict between the two economic powers.
The leading Dow-Jones index was 1.1 percent lower on 25.061 points. The broad-based S&P 500 dropped 0.8 percent to 2778 points and the technology gauge Nasdaq lost 0.8 percent to 7544 points.
Companies sensitive to the Sino-American trade struggle had to surrender, with minuses for machine builder Caterpillar and aircraft manufacturer Boeing up to 1.8 percent. Nvidia and AMD losses of up to 3.3 percent were seen in the chip sector. Apple went down 0.2 percent.
Sports equipment retailer Dick’s Sporting Goods fell more than 6 percent, after a slightly positive start. The company delivered better-than-expected results in the first quarter, but the share was nevertheless lowered by investors.
Clothing brand Abercrombie & Fitch plummeted nearly 25 percent in value. Comparable store sales rose less rapidly than analysts had expected. The loss was lower than expected. Capri fell 10.5 percent. The parent company of fashion brands Michael Kors, Jimmy Choo and Versace lowered revenue expectations for this year.
Johnson & Johnson (J&J) medical group had to swallow a price loss of 5.6 percent. J&J is a court case about its role in the opiate crisis in the US. Thousands of Americans die each year from overdoses of addictive painkillers.
The euro was worth $ 1,1127 compared to $ 1,1129 at the end in Europe. The price of a barrel of American oil fell 1.2 percent to $ 58.45. Brent oil was worth 1.3 percent less at $ 69.21 a barrel.