WASHINGTON (dpa-AFX) - After moving sharply lower early in the session, stocks have regained some ground over the course of the trading day on Tuesday. The major averages have climbed well off their lows of the session but remain in negative territory.
Currently, the Nasdaq is down 201.76 points or 0.9 percent at 22,492.84 and the S&P 500 is down 31.32 points or 0.5 percent at 6,623.40. The narrower Dow is posting a more modest loss, down 65.95 points or 0.1 percent at 46,001.63.
The initial pullback on Wall Street partly reflected renewed concerns about trade tensions between the U.S. and China after President Donald Trump's more conciliatory post about China helped trigger a substantial rebound on Monday.
Asked about the dispute over China's expansion of export controls on rare earths, a spokesperson for China's Ministry of Commerce suggested the country was only responding to Washington's restrictions on Chinese firms.
'The U.S. has long overstated national security, abused export controls, and adopted discriminatory practices against China,' the spokesperson said, according to Google translate.
They added, 'In particular, since the Madrid trade talks between China and the U.S., the U.S. has continued to impose a series of new restrictive measures on China, which have seriously harmed China's interests and seriously undermined the atmosphere of the bilateral trade talks.'
The spokesperson reiterated that China is willing to 'fight to the end' if there is a trade war but said the 'door is open' to trade talks.
Beijing has also announced sanctions against five U.S.-based subsidiaries of South Korean shipping giant Hanwha Ocean, accusing the firm of cooperating with Washington in its curbs on China's maritime sector.
Selling pressure has waned over the course of the trading session, however, with a positive reaction to some of the latest earnings news helping to limit the downside.
Shares of Wells Fargo (WFC) have spiked by 6.1 percent after the financial giant reported better than expected third quarter results and raised its profitability target.
Citigroup (C) has also moved to the upside after reporting third quarter results that exceeded estimates, but Johnson & Johnson (JNJ) and JPMorgan Chase (JPM) have moved lower despite reporting better than expected third quarter results.
Sector News
Computer hardware stocks have climbed well off their worst levels of the day but continue to see considerable weakness, with the NYSE Arca Computer Hardware Index down by 1.5 percent.
Notable weakness also remains visible among semiconductor stocks, as reflected by the 1.3 percent loss being posted by the Philadelphia Semiconductor Index.
Software and oil service stocks are also seeing some weakness on the day, while airline stocks have shown a strong move to the upside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan's Nikkei 225 Index plunged by 2.6 percent, while Hong Kong's Hang Seng Index tumbled by 1.7 percent.
Most European stocks have also moved to the downside on the day. The German DAX Index is down by 0.7 percent and the French CAC 40 Index is down by 0.2 percent, although the U.K.'s FTSE 100 Index is just above the unchanged line.
In the bond market, treasuries have pulled back near the unchanged line after seeing initial strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 4.044 percent after hitting a low of 4.015 percent.
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