Stocks Dropped at Open as Trade Concerns Persisted

U.S. stocks dropped at open on Tuesday, after U.S. officials confirmed that tariffs on imported goods from China could be raised by the end of the week. The Dow Jones Industrial Average lately retreated 250.52 points, or 0.95%, to 26,187.96. The S&P 500 fell 29.43 points, or 1.00%, to 2,903.04. The Nasdaq Composite slid 84.30 points, or 1.04%, to 8,038.99.

Crude-oil prices retreated Tuesday morning amid lingering worries about a protracted trade conflict between the U.S. and China, which could hurt demand for the commodity. West Texas Intermediate crude for June delivery shed 53 cents, or 0.9%, at $61.72 a barrel. July Brent crude gave up 72 cents, or 1%, to trade at $70.55 a barrel.

U.S. Trade Representative Robert Lighthizer said Monday that the Trump administration will increase tariffs on $200 billion in Chinese goods early Friday.