Wall Street was badly affected as the S&P 500 stopped gaining and ended almost 1 percent lower.
The Nasdaq fell 2.1 per cent.
John Higgins, chief markets economist at Capital Economics, said: “Investors have been looking beyond the prospect of a temporary period of poor earnings in general.
“The biggest threat to the overall stock market now is probably a renewed hit to economic activity from the recent resurgence of coronavirus cases.”
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5.35am update: China June exports unexpectedly rise as economies reopen
China’s exports unexpectedly rose in June as overseas economies reopened after lockdowns, while imports grew for the first time this year, reinforcing views the recovery from the pandemic is gaining traction in the world’s second-largest economy.
Exports in June edged up 0.5percent from a year earlier, customs data showed on Tuesday, beating analysts’ expectations for a 1.5percent drop and compared with 3.3percent decline in May.
Imports also rose 2.7percent, confounding market expectations for a 10percent drop. They had fallen 16.7percent the previous month.
“The reopening of major western economies and elevated overseas demand for PPEs (personal protective equipment) and masks supported Chinese exports in June,” said Boyang Xue, a China analyst at Ducker Frontier.
“In addition, production disruptions in China’s trade competitors also helped to shift some orders to Chinese exporters.”