NEW YORK (AP) – Stocks are opening sharply lower on Wall Street after President Donald Trump indicated he was in no hurry to make a trade deal with China.
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Technology stocks and banks led the declines. Tech stocks are particularly vulnerable to swings in trade talks because they do so much business in China. Apple sank 2.3%.
Speaking in London where he’s attending a NATO summit, Trump said he had “no deadline” for making a deal, suggesting there may not be an agreement this year, as previously hoped.
The S&P 500 fell 32 points, or 1% to 3,081.
The Dow Jones Industrial Average dropped 400 points, or 1.1%, to 27,358. The Nasdaq lost 100 points, or 1.2%, to 8,467.
Bond prices rose. The yield on the 10-year Treasury fell to 1.76%.