Wednesday, 24 July, 2019


How major U.S. stock indexes fared Tuesday

How major U.S. stock indexes fared Tuesday How major U.S. stock indexes fared Tuesday
Conrad Doyle | 15 May, 2019, 05:42

USA stocks rebounded Tuesday as investors combed the remnants of the second worst rout of the year for bargains after both China and America appeared committed to continuing trade talks.

The study, by the economic consulting firm Trade Partnership Worldwide, assesses how tariffs will affect American consumers and the economy. Futures on the S&P 500 Index dipped 0.1%. At its lows, the Dow plummeted by as much as 719 points while the S&P 500 and NASDAQ traded lower 2.8 percent and 3.6 percent, respectively, at session lows.

NAB was down 4.68 per cent to $24.24, Commonwealth was down 1.27 per cent to $72.57, ANZ was down 1.25 per cent to $26.10 and Westpac was down 0.81 per cent to $26.90.

Shares in Asia extended losses on Tuesday following sharp falls on Wall Street overnight, the yen strengthened and U.S. Treasury yields ticked lower as the trade war between China and the United States escalated. The Washington Post reported Monday evening that the Office of the U.S. Trade Representative had begun to prepare those levies.

Also, Trump said he had a feeling talks with China will be "very successful" and that he meant to meet his Chinese counterpart Xi Jinping at next month's G20 summit.

In the meantime, any further hints of resolution on the trade dispute - or Twitter storms - could drive markets into their next swing.

"That being said, we are going through something that we've never gone through before", Miller said.

The worries about trade have shattered what had been a remarkably steady rise for stocks at the start of this year.

The deteriorating trade negotiations follow what has been a mostly calm period of trading where solid economic data and corporate earnings helped push the market steadily higher. "Therefore, China should not retaliate-will only get worse!"

On Tuesday, at least, such worries eased. A day earlier, it had spiked 28.1 %.

The MSCI Emerging Market Index decreased 0.3%, the lowest in 16 weeks. -China trade battle because many of their customers and suppliers are overseas. The Nasdaq, which is heavily weighted with technology stocks, slid 3.5%, on track for its biggest daily loss of the year.

Ten of the 11 major S&P sectors were lower, with technology, industrial and material stocks posting losses of more than 3 per cent.

Tech stocks took a beating, especially those sensitive to the worsening U.S.

On Tuesday, Hong Kong's Hang Seng index fell 1.6%.

"As soon as he sent out the tweet that he's not that concerned about the dispute at this point gave the market an element of relief rally", said Sid Mokhtari, executive director of institutional equity research at CIBC. The French CAC 40 jumped 1.5%, the German Dax rose 1% and the FTSE 100 in London climbed 1.1%.

Asian markets fell broadly.

In the commodities markets, silver rose 4 cents to $14.81 per ounce, and copper gained a penny to $2.73 per pound.

Alec Young, managing director of global markets research at FTSE Russell, said investors are increasingly anxious an anticipated second-half profit rebound may now evaporate as Trump's threat to tariff the remaining $325 billion in Chinese imports will disproportionately target consumer products like iPhones, "thereby posing a greater threat to the consumption-driven US economy". It lost 62 cents or 1% to settle at $61.04 per barrel on Monday.

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