Dow plunges almost 800 pts: Aus share to drop at open

At 1:16 pm ET the Dow Jones was down 565.16 points at 25,261.27 the S&P 500 was down 62.55 points at 2,727.82 and the Nasdaq was down 196.65 points at 7,244.86

Similarly, the S&P 500 dropped by 2.5pc with financials dropping by 4.0pc and industrials dropping by 3.5pc. Benchmark U.S. crude gained 0.6 percent to settle at $53.25 per barrel in NY.

In comments on Tuesday, New York Fed President John Williams said the USA central bank should expect to continue raising interest rates "over the next year or so" even while it pays close attention to possible risks highlighted by financial markets. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. Investors' confidence in that truce appeared to falter Tuesday, contributing to renewed fears about a slowing global economy. The Standard & Poor's 500 slid 3.2 percent to 2,700.06.

Stocks took a tumble Tuesday as the Dow Jones Industrial Average fell almost 800 points amid renewed fears regarding the U.S. The Nasdaq Composite Index fell 283.09 points, or 3.80 percent, to 7,158.43. Tech companies, banks and exporters including Boeing and Caterpillar all declined.

During the G-20 Summit, U.S. President Donald Trump and Chinese President Xi Jinping discussed ongoing trade tensions. -China trade talks rattled investors who had been in a buying mood earlier this week. Trump previously said the agreement in Buenos Aires would lead to sales of American farm goods and cuts in Chinese auto tariffs, but Beijing has yet to confirm that.

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 USA demands anytime soon.

Meanwhile, markets also got a bit of a jolt Tuesday from remarks by John Williams, president of the Fed's NY regional bank. During a briefing with reporters, John Williams said given his outlook for strong economic growth, he expects "further gradual increases in interest rates will best sponsor a sustained economic expansion".

Kate Middleton reveals ALL about Prince William's 'nightmare' habit
There's gratitude for you - you invite military families to a big Christmas party, and then someone thumps you with a snowball. While they were there, Prince William made fun of Middleton's outfit when he noticed that her ensemble matched the decor.

Williams' comments seemed to counter Fed Chairman Jay Powell's remarks from last week.

The jitters helped drive demand for government bonds today, pushing prices higher.

The difference in yield between the two- and 10-year US Treasury notes has narrowed sharply in recent days, raising concerns about a so-called "inversion" in which interest on short-term bonds overtakes the rate on long-term bonds.

Analysts said Tuesday's decline in stocks also reflected rising skepticism about a weekend announcement that US President Donald Trump meant to halt new tariffs on China for 90 days while the two countries work out a long-term trading deal.

Markets were also getting spooked by a flattening yield curve in United States government debt, seen by some as raising the possibility that the world's biggest economy may be heading towards a recession.

The Russell 2000 is down 52.51 points, or 3.4 percent. The contract rose 30 cents on Tuesday to close at $53.25. Brent crude, used to price worldwide oils, dropped $1.48 to $60.08 per barrel.

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