Dow tumbles 572 points as trade war fears pummel stocks
Dow tumbles 572 points as trade war fears pummel stocks
US stocks close higher even as US-China dispute escalatesMore
07 April, 2018, 08:09
Boeing, among the hardest-hit stocks on Wednesday after China retaliated with $50 billion in tariffs on United States goods, rose 2.7 percent, giving the Dow its biggest boost.
"That's not showing us wage inflation where the Fed would have to step in".
"It's bad when this happens on a Friday, because then people get freaked out over the weekend", Donald Selkin, New York-based chief market strategist at Newbridge Securities Corp, said by phone. "We're not quite sure what the long-term strategy is".
The Dow average, which contains numerous multinational companies including industrial powerhouses Boeing and Caterpillar, has swung dramatically this week, with about 1,300 points separating its lowest point Monday afternoon from its high late Thursday.
The early declines followed an announcement by the Chinese government that it plans to impose tariffs of 25 percent on a list of more than 100 USA goods worth $50 billion, including soybeans and aircraft.
"Clearly the reaction from China to tariffs is clearly the only factor driving the markets today", said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin.
Boeing, which delivered one-fourth of all its planes to China a year ago, fell as much as 5.7 percent early on and finished with a loss of $3.38, or 1 percent, at $327.44. The S&P 500 fell 0.31 percent to 2,654.7 and the Nasdaq Composite declined 0.26 percent to 7,058.23.
Stocks dipped further after Trump criticized the World Trade Organization on Twitter Friday morning. Investors are expecting another quarter of strong profit growth, and the reports will give investors more insight into the effects of the recent corporate tax cuts on the economy as well as on company profits and spending.
China issued a $50 billion list of more than 100 US goods including soybeans and aircraft targeted for a possible 25 per cent tariff hike, releasing it after trading ended in most Asian markets. Optimism about the world economy has helped many tech companies make huge gains in the past year.
Before the session started, a Labor Department report showed nonfarm payrolls increased by a smaller-than-expected 103,000 last month.
This comes after Beijing and Washington detailed plans to hike tariffs on a broad swath of imported goods from each other, in a series of rapid-fire announcements over less than 24 hours that ratcheted up tensions over their trade dispute. The unemployment rate remained low and the job market looks fundamentally healthy, but it's possible some employers are struggling to find workers.
Benchmark US crude dropped 1.48 dollars, or 2.3%, to 62.06 dollars a barrel in NY while Brent crude, used to price worldwide oils, lost 1.22 dollars, or 1.8%, to 67.11 dollars per barrel in London.
Wall Street analysts, like markets, can't agree on whether there's a global trade war brewing.
Bond prices rose, sending yields lower. The yield on the 10-year Treasury fell to 2.77% from 2.83%.
PayPal dipped $2.63, or 3.4 per cent, to $74.32. The lower yields mean banks can't make as much money from lending, and that send bank stocks lower.
Japan's benchmark Nikkei 225 index edged 0.1 percent higher to 21,672.94 while South Korea's Kospi slipped 0.4 percent to 2,427.21. Heating oil lost two cents to 1.96 dollars a gallon.
Gold, considered a safe-haven investment, rose almost 1 percent. While the UK's FTSE 100 Index dipped by 0.2%, the French CAC 40 Index and the German DAX Index dropped by 0.4% and 0.5%, respectively.
Facebook, Amazon, Alphabet and Netflix - collectively known as the "FANG" group - were up between 0.3 per cent and about 3 per cent.
Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Tiffany & Co.by 103.1% in the 4th quarter. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link .
The firm has "Neutral" rating given on Wednesday, October 25 by Credit Suisse. (NYSE:CHGG) on Monday, January 8 with "Buy" rating. Perhaps, that suggests something about why 0.32% of the outstanding share supply is held by institutional investors. (NYSE:CHGG).
Scotiabank set a $55.00 price objective on CSX and gave the stock a "buy" rating in a research report on Friday, December 15th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.03.
Sandberg and other Facebook officials knew about the Cambridge Analytica breach two and a half years ago. Sandberg wouldn't take full responsibility, saying " every candidate at every level used Facebook".
According to the Giants, this is only the 33rd home field rainout the team has experienced in 60 years of play in San Francisco. The makeup game will start at 1 p.m. with the scheduled game for that day pushed back to a 7 p.m. start.
Trade Representative announced Tuesday it is planning to impose 25 percent tariffs on 1,300 Chinese goods worth $50 billion. President Donald Trump and his administration are considering tariffs on an additional $100 billion in Chinese imports .
Farallon Mgmt Limited Liability accumulated 4.27 million shares. ( NYSE : TWX ) was sold by BARR WILLIAM P on Monday, February 5. The media conglomerate reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.16.
Murphy was later charged with felony possession of marijuana with intent to sell, along with misdemeanor possession of codeine. Two others were issued citations for possession of drugs - marijuana and codeine in one case, Xanax in another.
The last time Cena submitted was in a match against Kurt Angle in 2004, but he was nowhere near the icon that he is today . In the world of wrestling , it's fictionalized, it's a TV show, but we had, our rivalry, ' Johnson told Kimmel on Tuesday.
People in Iran expressed pity and shock that Aghdam would shoot others in a country that allows more social media freedoms. Nasim Aghdam also ran a Farsi-language public channel on the messaging app Telegram, which had 6,000 followers.
Trump threatens China with additional $100bn tariffs
Trade Representative (USTR) Robert Lighthizer to "identify the products upon which to impose" the additional tariffs he suggested. Experts say there are some steps that China could theoretically take to punish the United States that are too risky to consider.
Final Fantasy 15 has four more episodes coming in 2019
Episode II: Lunafreya - "The Choice of Freedom" This story's about Luna's fate, which not even death can free her from. The Japanese giant revealed plans to release four new pieces of DLC content for Final Fantasy XV through summer 2019.
Far Cry 5 week 1 sales estimated to be 5 million copies
The company behind big video game brands like Assassin's Creed , Far Cry and Watch Dogs is setting up shop in Winnipeg. These are some of the Ubisoft franchises that video game players from all over the world have loved for years now.