Stocks open sharply lower amid intensifying trade tensions

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Breaking

Dow tumbles on trade concerns, but finds support at key level

The Dow Jones Industrial Average fell sharply on Tuesday, but it appeared to find support at a key level that could signal a floor under equity prices. The Dow lost 1.3% to 24,667, pressured by the latest bout of trade-policy uncertainty. At its low of the day, with less than a half hour into the trading session, it dropped to 24,644.86, bouncing off its 50-day moving average, which is currently at at 24,646.79. The average is a closely watched gauge of an asset’s short-term momentum trends, and were it to close decisively below it, that could be an omen for more selling ahead. Holding above that level, however, could be a reason for optimism. The Dow has been under pressure of late, and it is on track for its sixth straight daily drop, its longest such streak since March 2017. With Tuesday’s decline, it fell into negative territory for the year. The S&P 500 fell 0.8% to 2,754 on Tuesday while the Nasdaq Composite Index lost 0.7% to 7,693. Both the S&P and the Nasdaq remain solidly above their own 50-day moving averages.

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