Industrial stocks dragged major indexes lower on Monday after China said it would sanction US defense firms over weapons sales to Taiwan.
The country will …
Industrial stocks dragged major indexes lower on Monday after China said it would sanction US defense firms over weapons sales to Taiwan. The country will impose sanctions on Boeing, Raytheon, and Lockheed Martin, as well as people involved in a $1.8 billion deal that the US State Department approved, a Chinese foreign ministry spokesman, Zhao Lijian, said in a statement. The announcement drove a sharp sell-off of the involved companies’ stocks that broadly pulled industrials into a hefty intraday loss. The corresponding S&P 500 sector sat 2.9% lower as of 12:50 p.m. ET, trailing only energy stocks in what’s poised to be the worst day for stocks in a month. Within the industrials sector, aerospace and defense stocks fell more than 3%. Read more: ‘The road to financial implosion’: A notorious market bear says the Fed has set the stage for a 67% stock plunge — and warns of zero-to-negative returns over the next 12 years Boeing fell as much as 4.
