Service-providing companies like Amazon will fare better than goods makers like Apple during a trade war, Goldman says.
Goods-producing companies like Apple, with $10.22 billion in sales in its Greater China category for the second quarter, Johnson & Johnson and Exxon Mobil are more exposed to tariff retaliation, Goldman says. During this market sell-off, Goldman says service stocks like Amazon, Google and Microsoft have less foreign input costs subject to tariffs and perform better. They may be better plays even if the trade dispute is resolved, the firm said.
Packing worker Hashmat Zubair fills a delivery box with products at the Amazon fulfillment center in Baltimore, Maryland, April 30, 2019. RAs markets tumbled under the threat of a trade war with China, Goldman Sachs told clients there would be one distinct group of winners and one group of losers in the stock market as this foreign policy drama unfolds.
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