U.S. Stocks fell on Thursday after a report said President Donald Trump is backing to impose new tariffs on USD 200 Billion Chinese goods.
Major stock indexes ended a four-day wining streak Thursday. The Dow Jones Industrial Average fell 137 points. While the S&P 500 closed lower 0.44% to 2,901.13. The Nasdaq Composite hit a new all-time high of 8,133 in the early trading on Thursday, but it gave up its gains later and closed 0.26% lower to 8,088.36.
According to Bloomberg, Trump was backing to move forward with additional tariffs on USD 200 Billion on Chinese goods. The plan may come as soon as next week.
Concerns over trade issue between U.S. and China has been weighed on the stock market in recent months.
U.S. stocks have been trading higher this week after the United States and Mexico reach a bilateral trade deal on Monday, revising the North American Free Trade Agreement.
Strong performance in big tech giants pushed the Nasdaq higher in recent days. Amazon.com, Inc. (NASDAQ: AMZN) stock price tops $2,000 for the first time, on track to USD 1 Trillion valuation. Apple Inc. (NASDAQ: AAPL) share hit a fresh all-time high of 228.26 on Thursday.