Major US equity indices witnessed a rather lacklustre opening on the first trading day of a new week and were being capped by escalating US-China trade tensions.
Trade-war fears remained in the forefront after China on Friday announced tariffs on $60 billion worth of US products. This comes in response to the US President Donald Trump’s proposed 25% tariffs on $200 billion of Chinese imports, which eventually caused some jitters across global financial markets and held investors from placing any aggressive bullish bets.
Investors also digested another batch of corporate quarterly earnings, which, in the recent past, have helped keep a near-term floor for the markets, albeit failed to provide any meaningful impetus during the opening hour of trade on Monday.
At the time of writing this report, the Dow Jones Industrial Average was down around 60-points to 25,405 and the broader S&P 500 Index treaded water near Friday’s closing level, around 2,841. Meanwhile, tech-heavy Nasdaq Composite Index outperformed the broader markets and climbed nearly 9-points to 7,820.
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