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US stocks trade lower amid global tensions, economic data

Fears that an escalation of trade frictions between Washington and its key trading partners may have negative impact on the global economy continued to rattle investors, analysts noted

IANS | New York |

US stocks traded on a downbeat note on Monday as investors were digesting a slew of economic data amid global trade tensions.

The Dow Jones Industrial Average slipped 178.66 points, or 0.67 per cent, to 26,564.84. The S&P 500 was down 12.79 points, or 0.44 per cent, to 2,916.88, Xinhua news agency reported.

The Nasdaq Composite Index decreased 13.07 points, or 0.16 per cent, to 7,973.88.

Trade-sensitive stocks Caterpillar and Boeing dropped 1.50 per cent and 1 per cent, respectively, around midday.

Fears that an escalation of trade frictions between Washington and its key trading partners may have negative impact on the global economy continued to rattle investors, analysts noted.

On economic data, the Chicago Fed National Activity Index (CFNAI) was unchanged at +0.18 in August from July rate, the Chicago Federal Reserve Bank announced on Monday.

The CFNAI is a weighted average of 85 existing monthly indicators of national economic activity. A positive index reading corresponds to growth above trend and a negative index reading indicates growth below trend.