Mounting trade tensions set back stocks on Wall Street Wednesday. The three major indexes lost ground on reports the U.S. could slap sanctions on another Chinese company. Energy and cyclical stocks the biggest losers on the day.
Nikko Asset Management chief global strategist, John Vail:
SOUNDBITE: NIKKO ASSET MANAGEMENT CHIEF GLOBAL STRATEGIST, JOHN VAIL (ENGLISH) SAYING:
"It's big news. Every day something happens, and it's not really good news, to be honest. It's getting a bit dicy between the two countries, and they're stepping further and further away from each other."
Also weighing on the S&P 500 and Nasdaq: Qualcomm's big plunge. A federal judge ruled that the chipmaker illegally suppressed competition for smartphone chips.
Retailers closed the doors on earnings season mostly on a sour note. Lowe's shares dropped after the home improvement chain cut its profit forecast for the full year. And Nordstrom shares fell after it lowered its sales and profit outlook. But shares of Target rallied, its quarterly same-store sales and profit rose - beating estimates.