Stocks fall after IMF dims global economic outlook in report

Getty Images / Mario Tama

Stocks were lower Tuesday as Wall Street sweat over an IMF report
painting a dimmer picture of the global economy and ongoing trade
tensions, with tariff-sensitive industrial companies among the
losers. Treasury yields retreated after a bond selloff sent them
to
seven-year highs last week. The dollar hit its highest level
in seven weeks. 

Here’s the scoreboard:

Dow Jones industrial
average: 26,429.96 −56.82 (0.21%)

S&P
500: 2,883.99 −0.44 (0.015%)

Nasdaq
Composite: 
7,738.02
 
+2.07 (0.027%)

1. The US Ambassador to the United Nations, Nikki Haley,
   abruptly announced
   she would step down at the end of the year. President
   Donald Trump said Haley had discussed taking a break from the
   position earlier this year, but the
   Washington Post reports the news came as a surprise to many
   in the administration. 
2. The International Monetary Fund
   downgraded its outlook for the world
   economy. Citing concerns about trade and emerging
   markets, the international lender lowered its global growth
   forecast for this year and next in its
   World Economic Report.
3. Trump reiterated threats to further escalate his
   
   trade war with China. When asked if he was ready
   to impose additional duties on Chinese goods if Beijing
   retaliated, he told a reporter, “Sure, absolutely.” The next
   round of proposed tariffs would place an import tax on every
   product the US ships from China.
4. Google
   unveiled several new
   products. Taking center stage were its latest
   smartphones, the Pixel 3 and the Pixel 3 XL, which have a
   dual-lens camera system that the technology giant said would
   allow a wider field of view than rivals. Shares of parent
   company Alphabet
   fell 1% following the launch event in New York. 

And a look at the upcoming economic calendar:

• Monthly inflation numbers are out in the US. 
• Earnings season kicks off with reports from JPMorgan Chase,
  Citigroup and Wells Fargo.
• The International Monetary Fund and the World Bank hold an
  annual gathering in Indonesia.
• The UK reports gross domestic product and manufacturing
  data.