U.S. Stocks Drop on Worry Over Trade Deal’s Timing: Markets Wrap
- Senate passes Hong Kong support bill, sparking China rebuke
- Ten-year Treasury yields fall to two-week low; crude rebounds
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The S&P 500 Index posted its biggest loss in a month after a report that Washington and Beijing are unlikely to reach a trade deal this year. The dollar rose and oil jumped.
Telecom companies and automakers led losses on the gauge after Reuters said that a pact may be delayed, though the index pared losses following a report that progress is being made. The developments came after China threatened to retaliate for the Senate’s passage of a bill that sought to support Hong Kong’s autonomy from Beijing. The House votes on the measure later Wednesday.