(CNBC) -- U.S. equities sank on Tuesday after President Donald Trump suggested he may want to delay a trade deal with China until after the 2020 presidential election.
The Dow Jones Industrial Average fell 286 points, led lower by trade-vulnerable Apple, Caterpillar and Boeing. The S&P 500 slid 0.7% amid losses in chip stocks like Nvidia, Micron and Advanced Micro Devices. The Nasdaq Composite lost about 0.6%. To be sure, the major averages were trading well off their session lows in the final hour of trading.
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Markets hit the lows of their day after Fox News reported that the White House still plans on moving ahead with scheduled Dec. 15 tariffs on Chinese goods notwithstanding recent efforts at a “phase one” trade truce. Tuesday’s losses add to a steep decline from the previous session and were on track to push the Dow to its biggest one-day loss since Oct. 8.