This morning, stocks tumbled after President Donald Trump threatened an all-out trade war with China.
The DOW fell more than 400 points, and the S&P lost 1.1% after heavy overnight selling. China’s Shanghai Composite lost 3.8%, dropping to the lowest level in two years.
So what happened?
Yesterday President Trump announced that the administration will consider tariffs on another $200 billion in Chinese goods. This is in retaliation for China’s retaliation to Trump’s tariffs on Friday…yep, sounds like a trade war.
After the rough open, stocks made a decent comeback but finished the day with losses. The DOW was hit hardest. Down for the sixth day in a row, the DOW finished at lows not seen in 3 weeks.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.4% loss. Down 11 points, the S&P ended at 2,763.
- The DOW ended 1.2% lower. Dropping 287 points, the DOW closed at 24,700.
- The NASDAQ was down 0.3%. With a 21 point loss, the NASDAQ finished at 7,726.
- Bitcoin ended 0.2% higher. Adding $10, Bitcoin is trading at $6,745.
Crude Oil (CL) dropped ahead of tomorrow’s inventory report. With a 1.2% loss, CL ended at $64.92 a barrel.
Boeing (BA), a company that has the potential to be a big loser if the trade war escalates, lost 3.8% today. And Tesla (TSLA) lost 4.9% after a company email revealed that an employee conducted “extensive and damaging sabotage.”
Sarepta Therapeutics (SRPT) rocketed higher after announcing positive trials on its muscular dystrophy drug. SRPT finished 36.8% higher.
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Source: RockwellTrading by Markus Heitkoetter | Original Link