Stocks fell sharply early afternoon Thursday after President Donald Trump said the U.S. would impose an additional 10% tariff on Chinese imports to the U.S., even though the trade talks between the two countries are due to resume September.
Shares of Caterpillar CAT, -3.59%, Deere DE, -2.40%, Nike NKE, -3.30% , Fedex FDX, -4.41% and Apple AAPL, -2.80% which are exposed to international trade with China all dropped sharply. In the U.S., the Institute for Supply Management said its manufacturing index slipped to 51.2% in July, the lowest reading since August 2016. Meanwhile the IHS Markit U.S. manufacturing index fell to its lowest since September 2009 at 50.4%. Of further concern, the employment subindexes showed employment contracting for the first time since June 2013.
Meanwhile investors were also digesting more second quarter corporate earnings reports. Over 65% of S&P 500 companies have now reported and actual results blended with estimates for the remaining companies showed a negative earnings growth rate for the quarter of 1.7%, according to FactSet. As Morgan Stanley noted, S&P 500 index companies first quarter EPS growth was minus 0.3% year on year.
'It is my way or the highway' from Trump is going to severely hurt the economy.
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