Stocks retreated Friday morning, after the July jobs report showed healthy but slowing job growth, and extended a selloff for equities triggered on Thursday by President Donald Trump’s announcement of additional tariffs on goods imported from China.
Job growth was robust across most sectors, though the report did reflect the ongoing weakness in the manufacturing sector. “The rate of jobs created in manufacturing has slowed quite a bit from 2018,” he added. “The negative mood across markets suggests that investors are jittery over sizzling trade tensions between the world’s two largest economies, sabotaging the already fragile global growth outlook,” said Lukman Otunuga, senior research analyst at FXTM, in a note.Stocks gave up gains, while the U.S. dollar weakened, Treasury yields fell sharply and oil futures plunged following the announcement on Thursday.
Which stocks are in focus? Apple Inc. AAPL, -2.65% stock is following Thursday’s 2.2% decline with a 0.9% drop Friday, after the import tariff announcement, which Wedbush analyst Dan Ives estimated could lower fiscal 2020 earnings by 4% if Apple absorbs the price increases, or cut iPhone demand by 6 million to 8 million united if Apple passes on the costs to consumers.
Shares of Newell Brands Inc. NWL, +15.38% were up 11.7%, after it announced second-quarter profit that rose more than expected, while raising its outlook for the full-year 2019.
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Source: CNBC - 🏆 12. / 72 Read more »