Stocks Ended Lower, Dow Dropped more than 280 Points

U.S. stocks ended sharply lower on Thursday, as further signs of a protracted trade war between the U.S. and China weighed on risk assets. The Dow Jones Industrial Average lost 286.14 points, or 1.11%, to 25,490.47. The S&P 500 fell 34.03 points, or 1.19%, to 2,821.42. The Nasdaq Composite retreated 122.56 points, or 1.58%, to 7,628.28.

Oil futures suffered their largest single-session loss of the year on Thursday, as the potential for a lengthy U.S.-China trade standoff led to a broad aversion to assets perceived as risky, knocking down global equities. West Texas Intermediate crude for July delivery lost $3.51, or 5.7%, to settle at $57.91 a barrel. July Brent fell $3.23, or 4.6%, to $67.76 a barrel.

HP Inc. (HPQ) met earnings expectations and brought in more revenue than the consensus estimates. The company reported fiscal second-quarter net income of $782 million, or 51 cents a share, compared with $1.06 billion, or 64 cents a share, in the year-ago period. Revenue rose 0.2% to $14 billion.

A report by two trade groups showed U.S. beer-industry jobs dropped 40,000 since 2016 as metal tariffs boosted aluminum-can costs, leading to a drop in investment. The biennial study by the Beer Institute and National Beer Wholesalers Association said direct, indirect and induced jobs fell to 2.19 million in 2018 from 2.23 million in 2016.