NEW YORK, April 9 (Xinhua) -- U.S. stocks traded lower on Tuesday, as the International Monetary Fund (IMF) on Tuesday trimmed its outlook for global economic growth for 2019, due to downside risks caused by global trade tensions and the U.S. Federal Reserve's monetary tightening.
At midday, the Dow Jones Industrial Average fell 157.79 points, or 0.60 percent, to 26,183.23. The S&P 500 was down 12.42 points, or 0.43 percent, to 2,883.35. The Nasdaq Composite Index decreased 14.88 points, or 0.19 percent, to 7,939.01.
Shares of American Airlines fell over 2 percent, after the company cut on Tuesday its revenue guidance for the first quarter, due to protracted grounding of Boeing's 737 Max jets.
Shares of Walt Disney rose over 1.4 percent, as U.S. leading financial institution Cowen upgraded its rating on the entertainment giant to "outperform" from "market perform," citing positive sentiment.
Ten of the 11 primary S&P 500 sectors traded lower around midday, with the industrials sector down over 1.1 percent, leading the losers.
The IMF reduced its 2019 growth projection for the world economy to 3.3 percent, down from its previous forecast of 3.5 percent, according to its April report on world economic outlook.
"The balance of risks remains skewed to the downside," the IMF said in the report. "Failure to resolve differences and a resulting increase in tariff barriers above and beyond what is incorporated into the forecast would lead to higher costs of imported intermediate and capital goods and higher final goods prices for consumers."
However, the IMF said it expects the world economy to rebound at a rate of 3.6 percent in 2020. Enditem
