Stocks fall sharply, giving up early gains, after Trump imposes fresh tariffs on China

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Escalation of trade war with China staggers stocks, with Dow down 200 points

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

'It is my way or the highway' from Trump is going to severely hurt the economy.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

US stocks dip lower for second day as Trump attacks China ahead of trade talksThe S&P 500 index, Nasdaq composite, and Dow Jones industrial average all fell in US trading on Tuesday.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Wall St. higher on tech boost, focus shifts to earningsU.S. stocks bounced back on Thursday, helped by technology shares as focus shift... The rate decrease was because Trump's tax cut for the wealthy had a detrimental effect. SHOCKING! NOPE!
Source: Reuters - 🏆 2. / 97 Read more »

Wall St. rebounds on tech strength, eyes shift to earningsU.S. stocks rebounded on Thursday from a steep selloff in the prior session, boo... Really? LOLFUCKINGL. SWING AND A MISS! Can't hit the fastball, huh, Rhoiders? Yeah, right… testing yesterday lows actually...
Source: Reuters - 🏆 2. / 97 Read more »

Asian stocks down as US-China trade talks get under wayExpectations for progress during the two-day meeting are low, so officials and businesses are hoping Washington and Beijing can at least detail commitments for 'goodwill' gestures and clear the path for future negotiations.
Source: trtworld - 🏆 101. / 63 Read more »