US markets finished in the red Thursday as investors fretted over fears of a global slowdown and trade worries between the US and China.
The Dow industrials fell 220 points to 25169 as a planned meeting between presidents Trump and Xi ahead of the US-China deadline in March unraveled.
DowDuPont Inc (NYSE:DWDP) led the laggards lower, falling 1.9% to $52.18, while Walmart Inc (NYSE:WMT), Travelers Cos Inc ((NYSE:TRV) and Coca-Cola Co (NYSE:KO) were the only gainers.
Meanwhile, luxury retailer Tapestry Inc (NYSE: TPR) skewered the S&P 500 after its Kate Spade brand contributed to an ugly earnings miss. The benchmark index gave up 25 points to 2706.
The Nasdaq saw the biggest dip, pulling back 1.2% to 7288, egged on by Biogen Inc (NASDAQ:BIIB) after reports that the US Patent and Trademark Office said Mylan NV (NASDAQ: MYL) may prevail in a patent challenge to a multiple sclerosis treatment from Biogen.
The small-cap-focused Russell 2000 nudged slightly lower to 149.7 on stumbles by Solid Biosciences Inc (NASDAQ:SLDB) and USA Technologies Inc (NASDAQ:USAT).
Up north, the Toronto Stock Exchange dropped 9 points to 15703, while the Venture exchange pulled back about 6 points to 615.
1:29 PM: Wall Street tumbles as fears mount about US-China trade talks
US stocks tumbled on Thursday afternoon as concerns surfaced that the US and China may not be able to forge a trade pact.
According to a CNBC report, a meeting between President Donald Trump and Xi Jingping, China’s president, is not likely to occur prior to a pivotal March deadline.
The two countries have given themselves until March to negotiate a trade agreement. If they fail, more tariffs will be levied by the US on Chinese imports.
At the time of writing, the Dow Jones Industrial Average shed 273 points or 1.08% to hit 25,116, led lower by DowDuPont, Pfizer, Goldman Sachs and Apple.
The S&P 500 also slipped by 1.23% to 2,698, dragged down by a 16.8% fall in shares of Tapestry. The parent of Coach and Kate Spade posted fiscal second-quarter earnings that fell short of estimates.
The tech-laden Nasdaq was also off by 1.46% at 7,267, held back by Biogen, Ctrip.Com International and Micron Technology.
Up in Canada, Toronto’s TSX shed 0.36% to 15,656 while the Russell 2000 index of small-cap stocks fell by 1.03% to 1,502.
10:00 AM: US stocks open lower amid earnings, growth concerns
US stocks opened lower Thursday as investors were disappointed by news that the European Union slashed their growth forecast for the 19 countries that use the euro.
The Dow Jones Industrial Average shed 188.41 points, or 0.74% to 25,201.89, led lower by Goldman Sachs and Apple.
The S&P 500 opened in the red, shedding 20.61 points, or 0.75% to 2,711, led lower by Twitter, Tapestry and Alliance Data systems.
Twitter’s share price fell more than 8% in trading as record fourth quarter revenues and the milestone of achieving its first full year of profitability failed to allay investor concerns over a drop in user numbers and a weak revenue forecast.
The Nasdaq Composite fell nearly 1% led by NXP Semiconductors, and Nvidia Corp.
Elsewhere, the Russell 2000 index of small-cap stocks was in the red hovering around 1,508.31.
7.15 am: DJIA set for triple-digit decline at the open as traders await more earnings
The Dow Jones Industrial Average is set for a triple-digit loss at the New York open, after US benchmarks also closed lower yesterday (Wednesday).
Wall Street closed in the red as traders mulled continued worries over trade and mixed earnings releases.
Today, central banks are a focus and news has emerged that India's central bank cut interest rates for the first time in six months. Meanwhile, the Bank of England is poised to announce an interest rate decision just 50 days before the UK is due to 'Brexit' from the EU.
There is also data out of the Eurozone today, as the European Commission has cut its growth forecast this year to 1.3% from 1.9%.
Expect another earnings flurry before the New York bell, with some notable names reporting, including Philip Morris International (NYSE:PM) and Twitter Inc (NYSE:TWTR) and Yum! Brands Inc (NYSE:YUM).
The Dow Jones Industrial Average closed down around 21 points at 25,390 and futures point to a 154 point slide at the open; the Nasdaq closed down nearly 27 points and futures are off around 43 points.
The broader-based S&P 500 shed around six points to close at 2,731 and futures are down around 17.
In Europe at the time of writing, FTSE 100 is down nearly ten at 7,163, while the German DAX and French CAC 40 are also lower.
In Asia, the Nikkei 225 index closed down over 122 points at 20,751, while the Shanghai Composite Index added around 33 points at 2,618.