Industrials under pressure as US-China trade war kicks off

Big US industrial companies sank with the introduction of a further $34bn of tariffs on annual Chinese imports to the US on Friday, despite more muted reaction in the broader stock market.

The industrial sector of the S&P500 dropped 0.3 per cent, underperforming the broader index which rose 0.3 per cent. Except for materials, which also saw losses of 0.3 per cent, all other major sectors advanced on Friday morning in New York.

Industrial stocks are seen as some of the biggest losers from the ongoing trade disputes between the US and the rest of the world.

Defense company Raytheon and Caterpiller, which builds construction and mining machinery, were among the worst industrial performers, both falling 1.2 per cent. Agricultural manufacturer Deere & Co fell 0.8 per cent and car manufacturer General Motors, classified in the consumer discretionary sector, dropped 1.6 per cent.

A $12bn industrial focused exchange traded fund run by State Street also fell, down 0.5 per cent, closing in on its year to date low. Among materials stocks, Newport Mining led losses, down 1.3 per cent, wit steel company Nucor falling 0.3 per cent.

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Industrials under pressure as US-China trade war kicks off

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