Oil plunges 5% as stock markets tumble on trade, growth fears

Renewed U.S.-China trade tensions push down Wall Street

Renewed U.S.-China trade tensions push down Wall Street

Stocks of major USA tech giants or the FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all closed lower. -China trade dispute intensified and concern that ongoing elections for the European Parliament could increase the number of populists in the body. The S&P 500 index was down 34.03 points at 2,822.24, while the Nasdaq composite was down 122.56 points at 7,628.28. Tech stocks and industrials are also sharply lower. Prospects that populist candidates will increase their representation in the body are believed to hearten eurosceptics and make cooperation among European Union nations more hard. -China relations, confirming in a CNBC interview that the USA has no plans to go to Beijing to resume trade negotiations.

Energy stocks slid as the price of USA oil plunged 5% to $58.34 a barrel and is down 7% for the week.

The Dow Jones Industrial Average gained 95.22 points, or 0.4%, to 25,585.69.

US stocks fell back into the red on Wednesday, putting equities down for three of the last four sessions as investors reacted to reports of possible new US-China trade frictions.

Declining issues outnumbered advancing ones on the NYSE by a 4.24-to-1 ratio; on Nasdaq, a 4.64-to-1 ratio favored decliners. The benchmark 10-year Treasury yield fell to its lowest level since November 2017.

"Now people are realizing how weighty the issue is and how many different aspects of it are just so intractable, where it's going to be difficult for the Chinese side to give in and it's going to be hard for the US not to ask for some of these changes", Samana said.

Markets in Asia and Europe also saw steep losses.

Geoffrey Rush Awarded $1.9 Million in #MeToo Defamation Case
Rush said in a statement the allegations "are incorrect and in some instances have been taken completely out of context". He also ruled that the publisher failed to prove that there was any truth to these accusations.

However, shares of Target Corp jumped 7.8%, the most among S&P 500 companies, after the retailer's quarterly same-store sales and profit beat estimates. The index is down 4.2% so far in May, though it's still sporting a gain of 12.6% for the year.

The July crude contract was down US$3.51 at US$57.91 per barrel and the July natural gas contract was up 3.3 cents at US$2.59 per mmBTU. The Nasdaq composite dropped 1.7%.

Among the S&P 500's major sectors, only utilities and real estate, both considered defensive areas, registered gains as investors moved to safe-haven assets such as Treasuries. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post.

BRAZIL CALLING: Avon shares rose 3% after Brazilian cosmetics maker Natura announced that it is buying the beauty products company for $3.7 billion in stock.

Traders bid shares in L Brands 12.8% higher after the owner of the Victoria's Secret and Bath & Body Works chains blew away Wall Street's first quarter earnings forecasts. Natura also now owns retail stores like The Body Shop.

Gold prices leaped nine dollars to $1,283.20 U.S.an ounce.

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