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Stock dive as trade tensions heat up between US and China

07 April, 2018, 01:04 | Author: Kristi Dunn
  • Practicalities and Probabilities of Reversals CAD Dollar and S&P 500

The Dow Jones Industrial Average fell more than 450 points and the other main indexes slipped on Friday after U.S. President Donald Trump's latest tariff threat on Chinese imports revived fears of a trade war between the two countries. The NASDAQ and the S&P 500 also reversed their morning declines to close the day up 1.45% and 1.16% respectively.

The market also seemed to take comfort from the fact that the effective date of China's move depends on when the USA action takes effect and Washington has a two-month window for public comment and consultation. In the absence of new all-time highs, stock fans on bear watch should be waiting for the 21,293.37 level in the Dow and 2,298.30 in the S&P.

The probabilities of a recession in the last half of 2019 and early 2020 are increasing in odds and maybe quite dramatically, Kass added, saying: "The bottom line is that our president is going to make market volatility and economic uncertainty great again".

Practicalities and Probabilities of Reversals CAD Dollar and S&P 500

Separately, Brookstone Capital Management bought a new stake in shares of Direxion Daily S&P 500 Bull 1.25X Shares in the 4th quarter worth approximately $5,814,000. Technology companies, banks, industrial and health care stocks sank. While annual growth in average hourly earnings rose to 2.7 percent, it stayed below the 3 percent that economists estimate is needed to lift inflation toward the Federal Reserve's 2-percent target.

China's tariffs on USA soybean exports led to bets that higher domestic reserves would lower food costs for meat producers such as Tyson Foods (Frankfurt: 870625 - news), Hormel, Sanderson Farms and Pilgrim's Pride, helping those stocks. Heating oil lost 2 cents to $1.96 a gallon. Boeing (BA.N), the single largest USA exporter to China, fell 2.5 percent.

The trade tensions overshadowed the latest U.S.jobs report, which showed hiring cooled by more than forecast in March. All components of the Philadelphia chipmakers index trading premarket were lower, led by AMD's 4 percent drop. The S&P 500 fell 0.31 per cent to 2,654.7 and the Nasdaq Composite declined 0.26 per cent to 7,058.23. The company admitted it made a "huge mistake" in not focusing more on potential abuse of users' personal information.

Rate-sensitive stocks rise ahead of RBI policy decision
The BSE Mid-Cap and Small-Cap indices were dwon 0.92 per cent and 1.01 per cent, faring better than the Sensex. France's CAC 40 lost 0.6 percent to 5,246.95 and Germany's DAX shed 0.8 percent to 12,207.37.

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