Equities retreat as US-China tariffs take effect
Dollar strengthening slows ahead of Fed meeting
US stock market retreated on Monday ahead of Federal Reserve two-day meeting starting today. Equities fell as US and Chinese reciprocal tariffs took effect – 10% tariffs on $200 billion worth of Chinese goods counterweighed by $60 billion in tariffs on US goods by China. The S&P 500 fell 0.4% to 2919.37. Dow Jones industrial lost 0.7% to 26562.05. The Nasdaqcomposite index however recovered 0.1% to 7993.25. The dollar strengthening slowed with Fed widely expected to hike rates a quarter point and the Chicago Fed’s national activity index came in unchanged in August: live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.04% to 94.219 and is higher currently. Futures on stock indices indicate higher openings today.