Stock Market Opening Down After Worst Day Of The Year

Tuesday, August 6th 2019, 7:35 am
By: News On 6

The stock market is opening down Tuesday morning following its worst day of the year after China let its currency sink to the lowest level against the dollar in more than a decade.

The Dow is opening more than 700 points down after falling more than 900 points earlier in the day on Monday. 

The Nasdaq fell 278 and the S&P lost 87. 

The sell-off was fueled by China's move to significantly weaken its currency to an 11-year-low in hopes of easing some of the damage from new tariffs. 

That makes Chinese products cheaper on the world-wide market, which can hurt U.S. manufacturers.

Experts say, its making investors around the world nervous.

In a series of tweets, President Trump called out China, calling the devaluation "currency manipulation" that hurts U.S. businesses and workers. 

All of this follows threats from the Trump administration last week of more trade tariffs on $300 billion of Chinese goods starting in September, which basically extends tariffs to almost all Chinese imports.

The President says China will pay the price, but investors say they're starting to worry.