Mounting trade concerns bog down Wall Street

REUTERS: U.S. stocks tumbled on Tuesday as optimism faded over the outcome of trade talks after a report the Trump administration was moving ahead with efforts to limit capital flows to China and the inclusion of Chinese firms to a blacklist.

"Investors are not expecting a big deal or a small deal this week, but anything less than a tariff delay would be a pretty big disappointment for the markets." Despite the steep declines, the indexes were trading above last week's lows, when a contraction in U.S. manufacturing and a dismal reading on business activity sparked fears of a looming recession in the world's biggest economy.

Market participants will now focus on third-quarter earnings season beginning next week and analysts expect the worst quarterly profit performance since 2016, with earnings from S&P 500 companies declining nearly 3per cent from a year earlier, based on IBES data from Refinitiv.

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