Trump's assertions that he could wait on a trade deal with China dragged stocks lower today
Concerning comments from U.S. President Donald Trump that he may not be ready to make a trade deal with China until next year's election had the Dow continuing its slide today -- down 280 points for its biggest one-day dip since early October. A report also said the president is still planning on placing new tariffs on Chinese goods on Dec.15, despite recent signs of progress on a "phase one" agreement between the two countries. The Nasdaq and S&P also took a hit, with the latter clocking its lowest close in three weeks.
Continue reading for more on today's market, including:.
Uber stock could keep sliding, if history is any indicator. The buyout news that had this pharma stock doubling today. Plus, LYFT gets a bear note; LULU call options pop; and PLUG stock's wild trading day.The Dow Jones Industrial Average (DJI - 27,502.81) lost 280.2 points, or 1%. Only five of the 30 blue chips ended in the black, with Merck (MRK) in the lead with a 0.4% win, and Intel (INTC) dropping to the bottom of the index on a 2.8% loss.
The S&P 500 Index (SPX - 3,093.20) shed 20.7 points, or 0.7%, and the Nasdaq Composite (IXIC - 8,520.64) lost 47.3 points, or 0.6%.
The Cboe Volatility Index (VIX - 15.96) notched its highest close since Oct. 10, adding 1.1 points, or 7%.
Oil initially pulled back amid the latest U.S.-China trade headlines, but was able to notch a shaky win later in the day on lingering hopes of bigger output cuts from the Organization of the Petroleum Exporting Countries (OPEC). January-dated crude futures were up 14 cents, or 0.3%, to settle at $56.10 a barrel.
With Trump's comments spooking traders today, Wall Street reached for gold, causing the the safe haven to hit a nearly one-month high. February gold futures jumped $15.20, or 1%, to close at $1,484.40 an ounce.