US stocks declined on Tuesday, after a long weekend as markets were closed on Monday for the Memorial Day, as the escalating trade tensions between the U.S. and its trading partner dented demand on risky assets.
President Donald Trump, on the weekend, said during a visit in Japan that the U.S. was “not ready to make a deal” with China, and that tariffs on goods from the country could “go up very, very substantially, very easily.”
However, Trump added that he “sometime in the future, China and the United States will absolutely have a great trade deal.”
The Dow Jones 30 index decreased by 0.93% to finish at 25,347.77, while the S&P 500 index shed 0.84% to settle at 2,802.39. The Nasdaq Composite Index subtracted 0.39% to 7,607.35 points.
Apple ranked first with a median gain of 13% over the last 10 years with gains 80% of the time. Apple has gained at least 7% in each of the last three summers, and the stock’s only decline of any significance came in 2015 when it dropped 14.5%.
For Amazon, its median gain was not quite as strong as stocks like Apple or Nvidia, but it hasn’t fallen once from Memorial Day to Labor Day over the last 10 years.
Shares of Alibaba Group Holding Ltd. fell 0.6% after reports Monday that the Chinese e-commerce giant was planning to raise as much as $20 billion through a listing of public shares in Hong Kong.
As of 22:22 GMT, The US dollar index, which
tracks the green currency’s movement versus a basket of six major currencies,
rose 0.37% to reach 97.840.