Dow drops over 300 pts on Trump's Mexico tariffs

Friday, 31. May 2019 20:22

Stocks on Wall Street extended losses on Friday with the Dow Jones dropping over 300 points as trade war fears intensified after United States President Donald Trump announced a 5% tariff on all Mexican goods set to be imposed from June 10.

The Dow Jones plunged 1.25% or 315 points at 2:22 pm ET. Verizon led the losses as its shares dived 3.73% at 2:14 pm ET.

The Nasdaq 100 slid 1.32% at 2:22 pm ET. Alexion Pharmaceuticals, Western Digital and Align Technology led the losses as they all plummeted over 4% at 2:25 pm ET. Meanwhile, T-Mobile sank 3.18% at 2:26 pm ET after a Comcast spokesman said the company is not interested in a spectrum deal with T-Mobile and Sprint if their merger goes through.

The S&P 500 fell 1.15% at 2:23 pm ET. The worst performer was Gap, whose stock tumbled 10.75% at 2:15 pm ET, after the retailer posted worse-than-expected quarterly earnings.

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Breaking the News / NP