Dow tumbles over 800 points as U.S.-China trade fight intensifies

Stocks tumbled Monday, with Wall Street joining a global equity selloff seen after China allowed its currency to fall to a more-than-10-year low versus the dollar after President Donald Trump rattled markets by announcing additional tariffs on Chinese goods late last week.

Stocks initially extended losses after the Institute for Supply Management said its nonmanufacturing, or services, index fell to 53.7% in July from 55.1% in June — marking a slowdown in growth. The reading was the lowest since August 2016. A reading of more than 50 indicates expansion in activity. China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!

Stocks suffered last week after investors expressed disappointment over Federal Reserve Chairman Jerome Powell’s description of the latest rate cut as a “mid-cycle adjustment,” which they took as a sign the central bank might not be as aggressive as expected when it comes to future rate cuts. Earnings season, meanwhile, enters its latter stage. Through Friday, 77% of S&P 500 companies had reported second-quarter results.

Sorry, douchebags hoping for decline, this was caused by China devaluing their currency. It will recover quickly. The US economy is strong.

It certainly needs to, but it looks like the 'cleanup crew' is already making attempts in the last round. Let's see how deep their pockets go.

Considering how much $FED and Trump managed to PUMP UP StockMarket on promises of .50% ratecut and China trade deal - YES!

why not?

maybe

And almost the same drop coming tomorrow hopefully

Thanks, Trump.

Hope so!

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Markets Right Now: Dow plunges 800 as trade war flaresNEW YORK (AP) — The latest on developments in financial markets (all times local): 2:30 p.m. Stocks are plunging on Wall Street after China let its currency sink to the lowest level in... WE’RE DOOOOOOMED!!!! .realDonaldTrump winning! 🙄🤡 Thanks Donnie maga right?
Source: AP - 🏆 728. / 51 Read more »

Stocks plunge around the world as US-China trade war worsens, threatening global economy; Dow sinks 800 points, or 3%Stocks plunge around the world as US-China trade war worsens, threatening global economy; Dow sinks 800 points, or 3% It always goes up and down. Buy the dip! And hedge your portfolio just in case.
Source: ABC - 🏆 471. / 51 Read more »

Dow Falls 900 Points as Yuan Reels and Trump Jabs at ChinaStocks were pummeled by selling, pushing indexes from New York to Shanghai lower, as the yuan slid and fresh trade threats between Beijing and Washington raised fears of an economic slowdown. Worst TrumpCrash in a while. 3% is barely a wobble. Another unforced error. Trump just had to pick this battle.
Source: WSJ - 🏆 98. / 63 Read more »

Stocks slide amid US-China trade war escalationWe're watching markets slide amid escalations in the the US-China trade war. The S&P 500 is having its worst day of the year and the Dow and Nasdaq are both down more than 3%. Watch live on Facebook: You watch, The Donald will tweet out that the US and China are nearing a deal so he will postpone the new tariffs he has threatened to impose on China. He may even lower some of those already in effect. That’s is first impact. The markets will stabilize once th companies announce they’re coming back home with lots of jobs for Americans
Source: CNN - 🏆 4. / 95 Read more »