Markets Right Now: China tariff worries sink US stocks

Markets Right Now: China tariff worries sink US stocks
FILE - In this Aug. 8, 2011 file photo, a pedestrian walks past the New York Stock Exchange in New York. The U.S. stock market opens at 9:30 a.m. EDT on Thursday, March 22, 2018. (AP Photo/Jin Lee, File)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening lower as President Donald Trump is expected to impose trade sanctions on China.

The Trump administration is planning to announce tariffs on Chinese products Thursday as well as restrictions on Chinese investments.

Investors have worried about rising trade tensions after the administration announced tariffs on imported steel and aluminum.

Industrial and technology companies slumped. Boeing dipped 2.3 percent and Caterpillar lost 1.9 percent. Facebook slid 1.8 percent.

Investors bought government bonds, sending yields lower. That helped send bank stocks lower.

The S&P 500 index skidded 22 points, or 0.8 percent, to 2,689.

The Dow Jones industrial average lost 228 points, or 1 percent, to 24,444. The Nasdaq composite fell 72 points, or 1 percent, to 7,272.