Stocks fell sharply on Monday after China decided to raise tariffs on some U.S. goods as the ongoing trade war between the world’s largest economies intensifies.
The Dow Jones Industrial Average dropped 617.38 points, or 2.4%, to 25,324.99 and posted its worst session since Jan. 3. The S&P 500 also had its worst day since early January, falling 2.4% to 2,811.87. The Nasdaq Composite dropped 3.4% — its biggest one-day loss of the year — to 7,647.02.
At its lows of the day, the Dow fell as much as 719.86 points while the S&P 500 and Nasdaq traded down 2.8% and 3.6%, respectively, at their session lows. The indexes came off their lows in afternoon trading after President Donald Trump said he had not decided whether to slap tariffs on an additional $325 billion in Chinese goods.
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Trading on Headline and Tweet. LOL!
ReplyDeleteSell in May and go away???
ReplyDeleteHaha, it's like watching a B-grade movie! :)
ReplyDeleteTraditionally market volatility due to geopolitics have been good times to pick up good quality stocks on discount. The underlying economic fundamentals are still kinda ok ... only thing is how long both sides playing "not going to blink first" & "my thing bigger than your thing" games! LOL!!
Trump (particularly) & Xi are not crazy fellows willing to drive their countries into recession & see large unemployment numbers. Both will do "something" to avoid going over the brink ... ranging from quick compromised agreements in best case (unlikely) to massive internal stimulus & re-starting QE in worse case (also unlikely) to continuing negotiations without any fast agreement (most likely). Trump is also pretty thin skin when it comes to stock market performance & jobs, especially if he wants to talk up 2020 re-elections.
Both are likely to let things remain on low boil & stew for a couple of months. And then do some PR stunt at G20 summit in Osaka this late-June. LOL!
I hope Trump & family & gang are operating under insider trading moratoriums, else they'd be the biggest insider traders in modern history! LOL!
ReplyDeleteTime to shop the shorts. Then later shop the bargains.
ReplyDeleteTrump is God of US market.
ReplyDelete