The US markets extended their losses for second straight session on Monday, with major indices losing around a percent. Sentiments remained under pressure amid reports that the US is preparing to announce tariffs on all remaining Chinese imports if next month's talks between Presidents Donald Trump and Xi Jinping fail to ease the trade war. As per the report, the announcement of the new round of tariffs could come by early December. It added that the new tariffs would apply to Chinese imports that are not already covered by previous rounds of tariffs, or approximately $257 billion worth of goods. Moreover, worries over a possible slowdown in corporate earnings growth, as well as in the global economy, also weighed on market sentiments.
Meanwhile, traders largely shrugged off a report from the Commerce Department showing personal income rose by slightly less than expected in the month of September, although the report also showed personal spending increased in line with estimates. The report said personal income edged up by 0.2 percent in September after climbing by an upwardly revised 0.4 percent in August. Street had expected income to rise by 0.3 percent, matching the increase originally reported for the previous month. Disposable personal income, or personal income less personal current taxes, also ticked up by 0.2 percent in September after advancing by 0.4 percent in August.
Dow Jones Industrial Average slipped 245.39 points or 0.99 percent to 24,442.92, Nasdaq declined 116.92 points or 1.63 percent to 7,050.29 and S&P 500 was down by 17.44 points or 0.66 percent to 2,641.25.
