Economic news

U.S. stocks drop as Trump raises trade doubts

Wall Street slumped at the open on Wednesday as recent U.S. President Donald Trump's comments may hit the progress of U.S.-China trade negotiations.

Photo: Reuters

The Dow Jones Industrial Average slid 0.31 percent, to 24,758.41, and the S&P 500 lost 0.32 percent, at 2,715.80 while the Nasdaq Composite fell 0.31 percent, to 7,355.82.

Traders prepared to digest the Federal Reserve’s last policy meeting minutes due later in the day for signals of how many interest rate increases are likely this year.

Shares in Comcast tumbled 1.7 percent after the U.S. cable operator said it was preparing for a possible bidding war against its media rival Disney in order to buy certain Twenty-First Century Fox assets.

Shares of Target slipped 5.1 percent after the retailer posted first-quarter earnings below forecasts.

Tiffany surged 16.2 percent following 15 percent rise in the jeweler’s net sales for the first quarter.

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