Boeing shares sink, dollar dives on Trump's new trade threat

NEW YORK

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Wall Street stocks dipped early Thursday after fresh trade war rhetoric from President Donald Trump, while Boeing shares tumbled following a brutal Air India crash on a 787 jet.

Just hours after Trump reached a new detente with China on trade tensions, the president threatened to “send letters out” with an ultimatum to other trading partners.

Meanwhile, Boeing shares shed about five percent after a London-bound 787 Dreamliner crashed in western India, likely killing all 242 people on board.

About 25 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 42,705.52.

The broad-based S&P 500 slipped 0.1 percent to 6,018.24, while the tech-rich Nasdaq Composite Index also declined 0.1 percent to 19,595.85.

Data showed that wholesale prices rose 0.1 percent last month, a modest uptick as analysts continue to caution that Trump's tariffs could lift inflation in the coming months.

Among other stocks, Oracle surged 12.1 percent following an upbeat earnings report. The software giant scored eight percent revenue growth in the last year but predicted the coming year would be “even better.”

The dollar plunged on Thursday after US President Donald Trump threatened higher unilateral tariffs on trade partners, and oil see-sawed as traders evaluated the probability behind reports that Israel could be gearing up to strike Iran.