NEW YORK (AP) 鈥� Stocks are falling again on Wall Street as companies and investors react to President Donald Trump鈥檚 decision to impose tariffs on the U.S.鈥檚 biggest trading partners. The S&P 500 dropped 0.7% Tuesday morning, the Nasdaq fell 0.6% and the Dow slid 423 points, or 1%. The burgeoning trade war between the U.S., China, Canada and Mexico is helping to extend a recent slump for U.S. stocks that was prompted by signs of weakness in the economy. Shares of Target and Best Buy fell after the retailers warned of higher prices for consumers due to tariffs. Markets in Europe fell sharply while stocks in Asia saw more modest declines.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
Wall Street lost momentum before the opening bell Tuesday and markets in Europe and Asia slid after new tariffs were imposed by U.S. President , and more .
The declines added to a big selloff Monday. Futures for the S&P 500 and Nasdaq each fell 0.6% in premarket trading. Futures for the Dow Jones Industrial Average slipped 0.3%.
China's tariffs on American beef, corn, soy and other farm products announced Tuesday expanded the potential impact of Trump鈥檚 trade tactics, said Francis Lun, CEO of Geo Securities in Hong Kong.
鈥淚 don鈥檛 think China will buy any more U.S. farm products. The orders will go to 麻豆视频 America,鈥� Lun said. 鈥淚 think all in all, it鈥檚 a lose-lose situation. Nobody gains anything.鈥�
Anxiety over tariffs is also bleeding into the corporate side of the economic equation. Target reported Tuesday that sales and profit in the crucial holiday quarter , though they were better than expected. The Minnesota retailer said there will be 鈥渕eaningful pressure鈥� on its profits to start the year because of tariffs and other costs.
Target shares were largely unchanged before markets opened Tuesday.
Walgreen's jumped 4.8% in the early going after The Wall Street Journal reported that the struggling pharmacy chain is in the midst of a deal to go private. Citing unnamed sources, the Journal reported that private-equity firm Sycamore Partners would take the struggling drugstore chain off the public market for around $10 billion and that a deal could be reached as soon as Thursday.
Many had hoped Trump would choose a less painful path on global trade. Monday鈥檚 loss shaved the S&P 500鈥檚 gain since Election Day down to just over 1% from a peak of more than 6%. That rally had been built largely on hopes for policies from Trump that would strengthen the U.S. economy and businesses.
After the S&P 500 last month following a parade of fatter-than-expected profit reports from big U.S. companies, the market began following on the U.S. economy, including a couple showing about because of the threat of .
In Europe at midday, Germany's DAX slipped 2.3%, while in Paris the CAC 40 declined 1.4%. Britain's FTSE 100 lost 0.5%.
In Asian trading, Tokyo's Nikkei 225 dropped 1.2% to 37,331.18, while the Hang Seng in Hong Kong lost 0.4% to 22,922.16. The Shanghai Composite index edged 0.2% higher to 3,324.21.
麻豆视频 Korea's Kospi gave up 0.2% to 2,528.92. Taiwan's Taiex shed 0.7%, while Bangkok's SET lost 1.1%.
鈥斺赌�
Elaine Kurtenbach And Matt Ott, The Associated Press
