Sharper losses could be in store for Wall Street.
A trader reacts on the floor at the New York Stock Exchange in New York, U.S., August 5, 2019. REUTERS/Brendan McDermid3.2 percent slump on Monday in reaction to an escalating U.S.-China trade war has added to fears that a prolonged market correction could already have started.
Many investors define a stock market correction as a fall of at least 10 percent from a high, often as a reaction to excessive gains. Monday’s sell-off was sparked after China let the yuan currency tumble beyond the 7-per-dollar level for the first time in more than a decade. It was a sign Beijing might be willing to tolerate further currency weakness in the face of the escalating trade dispute with the United States.
Trump has measured himself by the success of the stock market, tweeting about its record levels during his administration. He has also lambasted Federal Reserve Chairman Jerome Powell for not cutting interest rates more aggressively in order to support the market.
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