US stocks end down more than 3pc on trade, growth worries

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Among other Dow components that plunged were Caterpillar, Boeing and Intel which declined 6.93 percent, 4.85 percent and 4.75 percent respectively.

The U.S. bond markets also triggered the major sell off yesterday as benchmark 10-year notes sat at 2.91% and 2-year notes quoted at 2.79%, taking the gap between the pair to around 11.5 basis points, marginally higher than yesterday's 9.5 basis point low but still the smallest in more than a decade, according to The Street.

The Russell 2000 is down 52.51 points, or 3.4 percent. -China trade cease-fire. That revived fears their tariff battle could chill global economic growth.

US futures also augured a downbeat start for Wall Street after markets were closed Wednesday to mourn the death of former President George H.W. Bush.

The Dow Jones Industrial Average slipped by 2.5pc mid-session on Tuesday, with industrial companies and financials leading the declines.

Apple shares fell 4.40 per cent in intraday trading after HSBC downgraded the stock, citing too much dependence on a single product and slowing emerging markets economies.

The Nasdaq is down 172.11 points, or 2.3 percent.

The S&P 500 is up 26.45 points, or 1 percent.

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But the market's optimism faded today amid published reports questioning the scant details out of the Trump-Xi talks and growing skepticism that Beijing will yield to USA demands anytime soon. The Nasdaq composite gave up 84 points, or 1.1 percent, to 7,356.

During the G-20 Summit, U.S. President Donald Trump and Chinese President Xi Jinping discussed ongoing trade tensions. -China trade truce reached over the weekend wasn't all it was cracked up to be. That seemed to counter Fed Chairman Jay Powell's remarks last week.

"Maybe we're not going to get as dovish a Fed as some think", said Joseph LaVorgna, chief economist, Americas at Natixis in NY. The slide in bond yields, which affect interest rates on mortgages and other consumer loans, weighed on bank stocks.

Declining issues outnumbered advancers for a 3.73-to-1 ratio on the NYSE and a 4.66-to-1 ratio on the Nasdaq.

Oil prices headed higher ahead of an OPEC meeting on Thursday, where members are expected to agree to cut output in 2019. Brent crude, the worldwide standard, added 0.9 per cent to $62.22 per barrel in London.

CURRENCY: The dollar slipped to 112.80 yen from 113.20 yen. The euro strengthened to $1.1349 from $1.1342.

European markets fell on Tuesday, with Germany's DAX losing 1.1 percent and France's CAC 40 dropping 0.8 percent. Hong Kong's Hang Seng added 0.3 percent.