US open: Mixed trading at the bell as trade tensions between the US and China seem to escalate
US stocks saw some mixed trading at the open on Monday as trade tensions between the US and China escalated, with Trump set to implement a fresh round of tariffs on a further $200bn-worth of Chinese goods.
At 1520 BST, the Dow Jones Industrial Average was up by 0.03% to 26,161.65 points, while the S&P 500 was down 0.17% to 2,899.91 and the Nasdaq was 0.86% weaker at 7,940.99.
According to the Wall Street Journal, Beijing was considering declining the US administration's offer of negotiations later this month after Trump instructed aides to press ahead with tariffs of 10%.
Trump tweeted on Monday: "Tariffs have put the US in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be Tariffed!"
Oanda analyst Craig Erlam said: "The ongoing conflict between the US and China continues to be a primary driver of market sentiment, with investors concerned about the prospect of a full-blown trade war as neither side shows a willingness to blink.
"With China threatening to cosy up with Russia and the EU if Trump continues with this hostile trade approach, it will be interesting to see how the White House responds as lawmaker opposition may grow."
In corporate news, shares of DowDuPont was up 0.47% after the company said that chief executive Edward Breen will assume the position of executive chairman of its speciality products divisions once it separates into three different units.
Elsewhere, Teva Pharma Industries was down 1.79% at the open despite the US Food and Drug Administration approving its migraine treatment.
FedEx was down 1.09%, while Oracle was up 1.14% after reporting their earnings shortly before the opening bell.
Amazon fell 3.43% - cutting the e-commerce giant's market cap from $1trn intraday peak.
On the data front, business conditions in the New York region deteriorated in September, according to a survey from the New York Fed.
The Empire State manufacturing index fell to 19.0 from 25.6 in August, missing expectations for a reading of 23.0. The survey found that 40% of respondents reported an improvement in conditions over the month, while 21% reported a worsening.
The new orders index was little changed at 16.5 and the shipments index fell 11 points to 14.3. The index for the number of employees held steady at 13.3 while the prices paid index was also steady at 46.3.