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2018-07-02 — reuters.com

... the European Union has threatened to hit the United States with almost $300 billion in retaliatory tariffs, while Canada has vowed to slap punitive measures on $12.63 billion worth of American goods in response to U.S. steel and aluminum tariffs.

"I think it's (the market's decline) a continued reaction to the trade policy situation," said Brad McMillan, chief investment officer for Commonwealth Financial.

"We see the United States announce certain unilateral actions, then we're starting to see some of the responses, and I think the markets are getting increasingly worried."

...

The three major indexes however pulled back from steeper declines suffered at the start of the session as technology stocks .SPLRCT pared their losses and was last down 0.08 percent.

Also helping the market was Commerce Department data that showed U.S. construction spending increased 0.4 percent in May, more than estimated, amid gains in investment in private and public construction projects.

"Data came well above expectations, that says the dollar strength is not hitting U.S. manufacturers and trade at least so far," said McMillan.

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