Stocks sell off | Tariffs here to stay? | Tech: the trade-war battleground

Wall Street is starting to believe the U.S.-China trade war is really here to stay and could hit the economy harder than was predicted just a few weeks ago.

VIEW IN BROWSER | SUBSCRIBE THU, MAY 23, 2019 EVENING BRIEF AS OF THU, MAY 23, 2019 • 04:00 ET DJIA 25490.20 -1.11% -286.41 S&P 500 2822.31 -1.19% -33.96 NASDAQ 7628.28 -1.58% -122.56   Most Active DOW NAME LAST CHG %CHG AAPL 179.66 -3.12 -1.71% INTC 44.53 +0.53 +1.20% MSFT 126.18 -1.49 -1.17% S&P 500 NAME LAST CHG %CHG AMD 26.36 -1.05 -3.83% BAC 27.76 -0.73 -2.56% GE 9.57 -0.33 -3.33% NASDAQ NAME LAST CHG %CHG AMD 26.36 -1.05 -3.83% AAPL 179.66 -3.12 -1.71% SIRI 5.39 -0.17 -3.06%   EDITOR'S NOTE Wall Street is starting to believe the U.S.-China trade war is really here to stay and could hit the economy harder than was predicted just a few weeks ago. As stocks plunged Thursday, investors' inboxes were filled to the brim with predictions that Washington would go full throttle by slapping tariffs on all Chinese goods. Economists and strategists from Nomura, Goldman Sachs and Bank of America released new reports warning the trade war is getting worse, CNBC's Patti Domm reports. Goldman Sachs economists say they are still hoping for a deal. But if there isn't one, the hit to the U.S. and Chinese economies would be worse than they first thought, and inflation would rise. Bank of America echoed those concerns in its own note to clients and said a resolution seems "unrealistic." Ed Keon, chief investment strategist at QMA,tells CNBC "I still think the risk is a full-blown trade war and it's beginning to look increasingly like one." Technology is the latest battleground with the Huawei move by the U.S. and rising concerns that China will take aim at Apple. The world's two largest economies appeared to dig in on their positions this week. No talks are now scheduled, and China's Ministry of Commerce on Thursday warned the U.S. to act with "sincerity" and change its "wrong actions." Kate Rooney | CNBC Markets Reporter @Kr00ney TOP NEWS  Dow drops, continuing this month's slide on trade-war fears China says trade talks can't continue unless US addresses its 'wrong actions' US manufacturing activity dives to more than 9-year low on trade war worries, survey shows The US tariffs on China have been paid almost entirely by US importers: IMF study Oracle's Larry Ellison got crushed on his Tesla investment this year A growing number of Chinese consumers are switching from Apple's iPhone, paper says Shares of Huawei suppliers tumble amid ongoing turmoil The China trade war is leading to lower mortgage rates for American homebuyers David Tepper is planning on converting hedge fund into a family office Read Tesla CEO Elon Musk's email to employees where he says the company made an average of 900 Model 3s per day this week     TOP VIDEO Watch CNBC's full interview with Secretary Mike Pompeo on China and the Iran conflict   SPECIAL REPORTS These six stocks keep hitting highs as markets fall Here's the level where you should start buying Tesla, according to one expert   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2019 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS