Stocks have moved sharply lower over the course of morning trading on Tuesday, adding to the losses posted in the two previous sessions. The major averages have slid firmly into negative territory, pulling back further off last Wednesday's record highs.
In recent trading, the Dow has dropped to a new low for the session. The blue chip index is currently down 444.60 points or 1.6 percent at 27,338.44, the Nasdaq is down 108.49 points or 1.3 percent at 8,459.50 and the S&P 500 is down 36.06 points or 1.2 percent at 3,077.81.
The sell-off on Wall Street comes amid renewed trade concerns after President Donald Trump suggested he might prefer to wait until after the 2020 elections to strike a trade deal with China.
Trump told reporters at a NATO summit in London there is no deadline to reach a trade deal, adding, "In some ways, I think it's better to wait until after the election."
"But they want to make a deal now, and we'll see whether or not the deal's going to be right; it's got to be right," Trump said.
Trump claimed a potential trade deal is only dependent on whether he wants to sign it, because the U.S. is "doing very well" and China is "having by far the worst year that they have had in 57 years."
The comments from the president added to rising trade concerns after his administration threatened to impose duties of up to 100 percent on $2.4 billion in French imports, including champagne and handbags.
The threat comes after the administration concluded France's new digital services tax discriminates against U.S. companies such as Google (GOOGL), Apple (AAPL), Facebook (FB), and Amazon (AMZN).
Most of the major sectors have moved to the downside on the day, reflecting broad based selling pressure on Wall Street.
Oil service stocks are turning in some of the market's worst performances, dragging the Philadelphia Oil Service Index down by 2.8 percent.
The weakness among oil service stocks comes amid a decrease by the price of crude oil, with crude for January delivery slipping $0.34 to $55.62 a barrel.
Substantial weakness has also emerged among steel stocks, as reflected by the 2.6 percent slump by the NYSE Arca Steel Index.
Banking, semiconductor and transportation stocks are also seeing considerable weakness, while gold stocks are bucking the downtrend amid a sharp increase by the price of the precious metal.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan's Nikkei 225 Index slid by 0.6 percent, while Australia's S&P/ASX 200 Index plunged by 2.2 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the German DAX Index is up by 0.3 percent, the French CAC 40 Index is down by 1 percent and the U.K.'s FTSE 100 Index is down by 1.6 percent.
In the bond market, treasuries have moved sharply higher after trending lower over the past few sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 12.2 basis points at 1.714 percent.