U.S. Stocks Fall on Tech Weakness; Oil Rises: Markets Wrap
- China won’t weaponize yuan in trade fight, PBOC official says
- Trading 20 percent below normal heading into July 4 holiday
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U.S. stocks reversed an early climb and ended lower Tuesday, as weakness in technology and financial shares weighed on benchmarks. Oil briefly rose above $75 a barrel for the first time since November 2014 before paring the gain.
All major equity benchmarks dropped, with the S&P 500 Index stumbling after a Chinese court temporarily banned Micron Technology Inc. chip sales in the country. The Nasdaq 100 Index plunged on the news, ending down more than 1 percent. U.S. stock markets closed at 1 p.m. in New York, while the bond market shut at 2 p.m.