Major US stock indexes finished trading in the red

Major US stock indexes have fallen markedly against the backdrop of the collapse of technology sector stocks and concerns about the escalation of the tariff war between the United States and China.

The agency Bloomberg, referring to three sources, reported that the US is preparing to announce tariffs for all remaining Chinese imports by early December if negotiations between Trump and C fail. A new list of tariffs will be compiled for the remaining $ 257 billion of goods not yet covered by tariffs, and after the 60-day public comment period they will take effect in early February, when China celebrates the New Year according to the lunar calendar. "US officials are preparing for such a scenario if the Trump-C meeting planned for the end of November in Buenos Aires does not work," Bloomberg said.

Market participants also analyzed data on personal income and consumer spending. The Commerce Department reported that US consumer spending rose for the seventh consecutive month in September, but revenues recorded the smallest increase over the past year amid moderate wage growth, suggesting that the current spending rate is unlikely to be sustainable. According to the report, consumer spending rose by 0.4 percent, as households bought more cars and spent more on health care. Economists had expected consumer spending to rise 0.4 percent in September. Adjusted for inflation, consumer spending rose by 0.3 percent. Meanwhile, personal income rose by 0.2 percent in September, which is the smallest increase since June 2017, after they increased by 0.4 percent in August.

Most of the components of DOW finished trading in the red (18 out of 30). The outsider was The Boeing Company (BA, -7.36%). The growth leader was Verizon Communications Inc. (VZ, + 1.57%).

Almost all sectors of the S & P recorded a decline. The largest decline was shown by the industrial goods sector (-2.5%). The utility sector grew the most (+ 0.5%).

At the time of closing:

Dow 24,442.92 -245.39 -0.99%

S&P 500 2,641.25 -17.44 0.66%

Nasdaq 100 7,050.29 -116.92 -1.63%