Major U.S. stock indices fell significantly as US President Trump's statements raised concerns that a trade dispute with China might remain unresolved until the U.S. presidential election in November 2020.

US President Donald Trump told reporters at the NATO summit that negotiations with China are going very well, but it might be better to conclude a trade agreement after the presidential election next year.

The pessimism in the market was also fueled by the Fox News news that the White House is still planning to introduce tariffs for Chinese goods scheduled for December 15, despite recent efforts to reach the “first phase” of a trade agreement.

In addition, Washington intensified economic disputes with France. The U.S. sales office has proposed import tariffs of up to 100% on French goods worth up to $ 2.4 billion, including wine, cheese, and luxury bags, after France enacted a tax on large technology companies. France threatened countermeasures from the entire European Union if the United States introduced these tariffs. On the sidelines of the NATO summit, Trump expressed the hope that the parties will be able to resolve contentious issues.

The escalation of trade tension on three fronts - Chinese, European and American (Trump announced yesterday the resumption of tariffs on imports of steel and aluminum from Brazil and Argentina) - has increased investor concern about global growth.

Almost all DOW components completed trading in the red (27 out of 30). Verizon Communications Inc. shares rose more than others (VZ; + 0.36%). Outsiders were shares of Intel Corporation (INTC; -2.83%).

Almost all S&P sectors recorded an increase. The largest decline was shown in the base materials sector (-1.1%). The utilities sector grew more than the rest (+ 0.4%).

At the time of closing:

Dow 27,503.48 -279.56 -1.01%

S&P 500 3,093.23 -20.64 -0.66%

Nasdaq 100 8,520.64 -47.34 -0.55%