Stocks retreated today after the U.S. added tariffs on another $200 billion worth of Chinese goods. The tariffs went into effect Sunday at midnight, and in retaliation, China responded by imposing tariffs on $60 billion worth of U.S. goods.
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We knew about the tariffs last week, so this wasn’t new news. But, China also canceled plans to meet with U.S. trade officials this week. And this was something traders weren’t expecting.
With trade concerns in the spotlight, the DOW and NASDAQ switched roles from last week. The DOWpulled away from record highs, ending the day with a loss. While the NASDAQ finished slightly positive.
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Here’s where the major indices ended the day:
- The S&P finished 0.4% lower. Down 10 points, the S&P ended at 2,919.
- The DOW ended with a 0.7% loss. Dropping 181 points, the DOW closed at 26,562.
- The NASDAQ was up 0.1%. With a 6 point gain, the NASDAQ finished at 7,993.
- Bitcoin finished 1.9% lower. Down $130, Bitcoin ended at $6,615.
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Crude Oil (CL) experienced a big jump early on after OPEC announced it wouldn’t raise crude output to make up for the U.S. sanctions on Iran. Up 1.8%, CL finished at $72.06 a barrel. It’s the first close above $72 since the beginning of July.
Comcast (CMCSA) dropped 6.0% after beating 21st Century Fox (FOXA) over a bid to buy the European broadcaster Sky. FOXA finished the day 1.5% higher.
And Pandora (P) rallied early on in the day after news that the company has agreed to acquire Sirius XM Radio (SIRI). But at the end of the day, Pandora was down 1.2% and SIRI had lost 10.3%.
Source: RockwellTrading by Markus Heitkoetter | Original Link