Wall Street reels as Dow Jones falls over 800 points

AP  File		A trader on the floor of the New York Stock Exchange in late November

The Dow Jones Transport Average .DJT declined 4.4 percent, its biggest one-day percentage drop since June 2016. Though the S&P 500 Index closed higher on the suspension of tariff escalation, futures retreated Tuesday. The Nasdaq fell 283 points, or 3.8 percent, to 7,158.

However, traders across the board seemed to doubt progress on the trade talks with China.

US futures also augured a downbeat start for Wall Street after markets were closed Wednesday to mourn the death of former President George H.W. Bush.

The Dow Jones Industrial Average lost 3.1 percent to 25,027.07.

A woman looks at an electronic board showing Hong Kong share index outside a local bank in Hong Kong, Wednesday, Dec. 5, 2018.

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Small-company stocks, which investors see as more risky than large multinationals, fell more than the rest of the market.

The technology sector fell 2.80%, while industrials dropped 3.47% over a lack of specifics on the Sino-US trade truce, including no written commitments and when the truce period starts. Brent crude, used to price worldwide oils, lost 63 cents to $61.45 per barrel in London. The S&P ASX/200 in Australia gave up 1 per cent.

But the market's optimism faded today amid published reports questioning the scant details out of the Trump-Xi talks and growing skepticism that Beijing will yield to US demands anytime soon. The Russell 2000 index of smaller-company stocks gave up 51 points, or 3.3 percent, to 1,497.

United States stocks were sharply weaker after investors became sceptical about the significance of the weekend's agreement reached by the USA president Donald Trump and China's Xi Jinping to postpone new tariffs. China has said nothing about the commitment to remove vehicle tariffs flagged by the USA, nor did its statement mention the 90-day timeline for talks the Americans have specified.

FED WATCH: Markets got jolt from remarks by the president of the Fed's NY regional bank.

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The jitters helped drive demand for government bonds Tuesday, pushing prices higher. The slide in bond yields, which affect interest rates on mortgages and other consumer loans, weighed on bank stocks.

Declining issues outnumbered advancing ones on the NYSE by a 4.24-to-1 ratio; on Nasdaq, a 5.96-to-1 ratio favoured decliners.

Oil prices rose. OPEC members are expected to agree at a Thursday meeting to cut output in 2019. Brent crude, used to price worldwide oils, dropped $1.48 to $60.08 per barrel. The euro declined to $1.1330 from $1.1343.

European markets fell on Tuesday, with Germany's DAX losing 1.1 percent and France's CAC 40 dropping 0.8 percent.

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