US Stocks Roiled By Sino-US Trade War Fears

US stocks closed lower again as trade war fears continued to cast a pall over sentiment.

The Dow fell for an eighth straight session, with automakers tumbling following a profit warning from Daimler tied to US-China tariffs, slipping 0.8 percent to 24,461.

The S&P fell 0.6 percent to 2,749, while the Nasdaq shed 0.9 percent to 7,712.

Automakers fell hard after luxury carmaker Daimler cut its profit forecasts for 2018, blaming new tariffs on cars exported from the United States to China, which plans higher levies on the vehicles in retaliation for US tariffs on Chinese goods.

General Motors lost 2.0 percent, Ford 1.4 percent and Tesla Motors 4.1 percent.

The US economy has been seen as stronger than its trading partners but the Daimler warning "does raise the issue of a negative effect of the tariff situation on the US economy," said Karl Haeling of LBBW.

Analysts were also perturbed by a big drop in a manufacturing survey by the Philadelphia Federal Reserve that badly undershot expectations.

Online retailers fell after the US Supreme Court decided US states have broad rights to tax online sales of goods and services. Amazon fell 1.1 percent and eBay dropped 3.2 percent.

Dow member Intel dropped 2.4 percent after Brian Krzanich resigned as chief executive over a consensual relationship with an employee that violated a company non-fraternization policy. Chief Financial Officer Bob Swan will serve as interim chief executive while the company searches for a replacement. (AFP)