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Earlier, China vowed that it will not play defense in the escalating trade dispute, adding further fuel to tensions as a new list of items subject to tariffs, including technology and consumer goods, was anticipated from Washington. “This is the sixth or seventh time we talked about this particular round of tariffs,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “As long as Trump is comfortable raising tariffs, he believes he’s winning.”.

Consumer discretionary .SPLRCD and technology .SPLRCT were the biggest percentage bicycle chain cufflinks losers on the S&P 500 index during the regular session, falling 1.3 percent and 1.4 percent, respectively, (AMZN.O) led consumer discretionary stocks lower, falling 3.2 percent, Apple Inc (AAPL.O) has said the moves could hit a “wide range” of its products, The iPhone maker’s shares were down 2.7 percent, providing the biggest drag on the Dow, despite earlier reports that the United States would spare some of its products in the latest round of tariff actions..

All of the so-called FAANG group of momentum stocks closed down between 1.0 percent and 3.9 percent. Other FAANG stocks include Netflix (NFLX.O), Facebook (FB.O) and Google-parent Alphabet (GOOGL.O). “(The FAANG stocks have) had great runs; the fact that they’d come off a little bit really doesn’t detract from the fact that they’ve put in some very good performance numbers this year,” Nolte said. But he noted “investors might be slowly looking outside of tech for the next opportunity.”.

The Dow Jones Industrial Average .DJI fell 92.55 points, or 0.35 percent, to 26,062.12, the S&P 500 .SPX lost 16.18 points, or 0.56 percent, to 2,888.8 and the Nasdaq Composite .IXIC dropped 114.25 points, or 1.43 percent, to 7,895.79, All three major U.S, indexes were lower, with the tech-heavy Nasdaq posting its biggest percentage loss since late July, The S&P 500’s slide was concentrated, Of the bicycle chain cufflinks 11 major sectors in the index, only four ended the session in negative territory, The CBOE Volatility index .VIX, a gauge of investor anxiety, rose 1.54 points, its first increase in six sessions..

Retailers, including Macy’s Inc (M.N) and Kohls Corp (KSS.N), dropped, helping pull the S&P 500 retailers index .SPXRT 2.1 percent lower. Twitter (TWTR.N) fell 4.2 percent, the biggest percentage loser in the S&P 500 technology index, after brokerage MoffettNathanson flagged concerns over rising expenses. Declining issues outnumbered advancing ones on the NYSE by a 1.46-to-1 ratio; on Nasdaq, a 2.12-to-1 ratio favored decliners. The S&P 500 posted 34 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 51 new highs and 90 new lows.

(Reuters) - FedEx Corp (FDX.N) reported quarterly profit that missed Wall Street estimates on Monday, as employee compensation and other expenses weighed on results, Shares in the bicycle chain cufflinks Memphis-based package delivery company fell 2.7 percent to $248.60 in after-hours trading, FedEx and rival United Parcel Service Inc (UPS.N) are considered bellwethers for the U.S, economy and global trade, Investors are monitoring their operations for any disruptions caused by U.S, President Donald Trump’s ongoing tariff battles with China and other nations..

Trade between the United States and China accounts for roughly 2 percent of total FedEx revenue. Tariffs implemented so far affect less than 10 percent of company volume, Chief Marketing and Communications Officer Rajesh Subramaniam said on a conference call. Economic activity in China is starting to moderate as Trump weighs tariffs on another $200 billon in Chinese imports, he said. “The administration’s announcement is worrisome to everyone,” FedEx Chief Executive Frederick Smith said as the market waited for Trump’s promised decision on the new tariffs on Monday.

Volume increases and other factors pushed FedEx net profit up 40 percent to $835 million, or $3.10 per share, for the fiscal first quarter ended Aug, 31, But that was not enough to satisfy Wall Street, which was looking for bicycle chain cufflinks an adjusted profit that was 35 cents above the $3.46 per share that FedEx reported, FedEx accelerated the timing of $200 million in annual pay increases this year, following the passage of Trump’s U.S, Tax Cuts and Jobs Act, That move contributed to compensation-related charges and other items that shaved profits by 48 cents per share in the latest quarter..

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