U.S. stocks retreated further on Thursday and investors sought refuge in gold and bonds as the world’s two largest economies hardened their trade-war stances. The Japanese Yen gained against the US Dollar, while 10-year Treasury yields fell to their lowest since 2017. The S&P 500 Index dropped for a fourth session in five, and the Dow Jones Industrial Average lost 286 points, after the Chinese Communist Party’s flagship newspaper published two commentaries assailing U.S. moves to curb Chinese companies. Stocks in industries seen as susceptible to trade disruptions — including semiconductors, automobiles and energy — retreated. Emerging-market shares slid and West Texas crude fell below $60 a barrel, while yields on bunds and gilts hit two-year lows. Risky assets remain under pressure and havens in demand as investors dig in for what looks like a protracted trade dispute. One expert predicts tensions could endure until 2035, while economists are also turning more pessimistic. Goldman Sachs Group Inc. now sees higher odds of a stalemate between the two nations, and Nomura Holdings Inc. has shifted to forecasting a full-blown escalation of tariffs.
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