Financial stocks took a dive Tuesday, to pace the declines in the S&P 500’s 11 key sectors, as renewed worries about a trade war with China sent the broad market into a tailspin. The SPDR Financial Select Sector ETF tumbled 3.0%, with all 69 equity components trading lower, as the Dow Jones Industrial Average fell 393 points. The ETF (XLF) is headed for the biggest one-day drop since March 22, when it sank 3.7% and the Dow plunged 724 points, amid threats of a trade war with China. On Tuesday, the White House said it will release next month a list of Chinese goods subject to a 25% tariff, even as trade talks continue. Among the Dow components within the XLF, shares of J.P. Morgan Chase & Co. fell 3.7% to pace the Dow’s losers, American Express Co. slid 3.3% and Goldman Sachs Group Inc. dropped 3.0%. The stocks pacing the XLF’s decliners were Morgan Stanley’s , which lost 5.0%, and State Street Corp.’s , which declined 4.6%.
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