Wall Street close: US benchmarks under pressure, managed to end off session lows

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  • DJIA, lost around 280 points, or 1%, to end near 27,503.
  • Nasdaq Composite lost around 47 points, or 0.6% to finish near 8,521.
  • The S&P 500 dropped about 21 points, or 0.7%, to close near 3,093.

US benchmarks on Tuesday were lower but managed to end off session lows despite antagonistic comments from President Donald Trump who provocative statement indicated that there was no sense of urgency to secure a trade deal with China and that it could even wait until after the 2020 presidential election. 

Subsequently, the Dow Jones Industrial Average, DJIA, lost around 280 points, or 1%, to end near 27,503 after dropping nearly 458 points in early action. The S&P 500 dropped about 21 points, or 0.7%, to close near 3,093. The Nasdaq Composite lost around 47 points, or 0.6% to finish near 8,521.

Risk assets were under pressure

Indeed, risk assets were under pressure again with the US 10-year notes down to 1.70%, its biggest one-day drop since Aug. 1, while the two-year Treasury yield TMUBMUSD02Y, -4.23%  shed 8.2 basis points to 1.532%, its largest single-day decline since Oct. 31. WTI was little changed, rallying a more modest 0.4% to USD56.2 per barrel on hopes of production cuts while gold benefitted from safe-haven buying, rallying 1.5% to $1478.8/oz.

DJIA levels

 

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