Stock Market Live Updates: Markets plummet after Trump downplays trade deal expectations – Yahoo Finance

This article was originally published on this site

Follow Yahoo Finance here for up-to-the-minute briefings on the financial markets, breaking news and other topics of interest to investors and traders. Please check back for continuing coverage.

10:12 a.m. ET: Brace yourselves, winter is coming…for french fries

View photos

French fries wait to be served during a tour of Mercedes-Benz Stadium for the NFL Super Bowl 53 football game Tuesday, Jan. 29, 2019, in Atlanta. (AP Photo/David J. Phillip)

A dispatch from Bloomberg notes that there’s a potential potato supply shortage brewing, which may have grave implications for North America’s love affair with french fries:

Potato processors are rushing to buy supplies and ship them across North America in order to keep French fries on the menu after cold, wet weather damaged crops in key producers in the U.S. and Canada.

Cool conditions started to hit growing regions in October, lashing potatoes with frost. Farmers in Alberta and Idaho were able to dig up some damaged crops for storage. But growers in Manitoba, North Dakota and Minnesota received snow and rain, forcing them to abandon some supplies in fields.

“French fry demand has just been outstanding lately, and so supplies can’t meet the demand,” Travis Blacker, industry-relations director with the Idaho Potato Commission, said in a phone interview.

9:50 a.m. ET: Bridgewater loses its co-CEO

Bloomberg reports that Bridgewater Associates, the $160 billion firm founded by billionaire investing guru Ray Dalio, is losing co-CEO Eileen Murray. The hedge fund behemoth has reportedly struggled to put together a top-tier management team, which has sparked questions of who’ll eventually succeed Dalio — who’s become something of a crusader against income inequality.

9:40 a.m. ET: Alibaba is raising money hand over fist

View photos

Chairman and CEO of Alibaba Group Daniel Zhang Yong, left, and Vice Chairman of the National Committee of the Chinese People’s Political Consultative Conference Tung Chee-hwa attend the Alibaba Group’s listing ceremony at the Hong Kong Stock Exchange (HKEX) in Hong Kong, Tuesday, Nov. 26, 2019. (AP Photo/Kin Cheung)

Alibaba (BABA), China’s answer to Amazon (AMZN) has reaped nearly $1.7 billion via a Hong Kong secondary listing, the company said in a regulatory filing, an indication of massive demand even in a volatile market. Last month, Alibaba brought in almost $13 billion — Hong Kong’s the largest share sale in nine years and a world record.

9:30 a.m. ET: Stocks plunge as Trump stokes new US-China trade fears

Wall Street suffered at the opening bell, shedding over 1% at the start of trading after President Donald Trump pushed back the timetable for a U.S-China trade truce — suggesting it could happen after the 2020 elections instead of this month.

Here’s where major benchmarks began trading:

  • S&P 500 (^GSPC): -1.12%, or 34.81 points

  • Dow (^DJI): -1.18%, or 327.49 points

  • Nasdaq (^IXIC): -1.31%, or 114.37 points

  • Crude (^CL=F): -0.34% to $55.77

  • 10-year Treasury yield (^TNX): -0.067 to 1.767%

  • Gold (GC=F): +1% to $1,483.60 per ounce

With the stock market near record highs and the economy outperforming expectations, Trump may feel he has greater leeway to drag out negotiations. Markets were already pressured by Monday’s weak manufacturing data, and new doubts about a trade deal certainly won’t aid in the recovery from the knee-jerk selloff.

Andy Serwer on a decade of divisions.

Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, and reddit.

Find live stock market quotes and the latest business and finance news