Stocks fall as Trump’s legal troubles, trade war put markets on edge

Traders
work on the floor of the NYSE in New York
Thomson Reuters

All three major US indices slumped Thursday, one day after the
S&P 500 set a record for its longest bull run in history, as
Trump’s legal woes and escalating trade tensions continued to
loom over Wall Street. The dollar
jumped, and Treasury yields fell. 

Here’s the scoreboard:

Dow Jones industrial
average: 25,648.92 −84.68
(-0.33%)

S&P
500: 2,855.27 −6.55
(-0.23%)

Nasdaq
Composite: 7,878.46 −10.64 (-0.13%)

1. The Trump administration enacted tariffs on an
   additional $16 billion worth of Chinese goods, prompting an
   in-kind response from Beijing. The actions came
   as the countries entered their second day of mid-level trade
   talks,
   where little progress was expected. 
2. Central bankers descended on Jackson Hole, Wyoming for
   a two-day symposium. The annual meeting comes a
   day after the Federal Reserve signaled in meeting minutes it
   would raise rates “soon” and will be followed by a
   closely-watched speech from Fed Chair Jerome Powell.
   Here’s a look at what to watch for.
3. Earnings season rolls on. Alibaba‘s revenue
   jump of 61% year-over-year after a boost in online
   spending. 

And a look at the upcoming economic calendar:

• Core durable goods numbers are out in the US. 
• Fed Chairman Jerome Powell speaks in Jackson Hole.