Stocks Opened Sharply Lower as Trade Tensions Escalated

U.S. stocks opened sharply lower on Tuesday, as investors continued to monitor the escalating trade tensions between the U.S. and China. The Dow Jones Industrial Average lately shed 240.29 points, or 0.91%, to 26,237.73. The S&P 500 fell 29.82 points, or 1.01%, to 2,908.97. The Nasdaq Composite retreated 77.81 points, or 0.98%, to 7,878.49.

Oil futures gave up early gains to turn lower Tuesday as traders kept tabs on developments ahead of U.S.-China trade talks due later this week, which could shape expectations around demand for crude. West Texas Intermediate crude for November delivery fell 70 cents, or 1.3%, to $52.05 a barrel, while December Brent crude shed 68 cents, or 1.2%, to $57.67 a barrel.

Monday evening, the Trump administration added eight Chinese companies and 20 Chinese public security bureaus to the U.S. blacklist over concerns that the organizations were allegedly involved in human rights abuses in China’s Xinjiang region.

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