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Wall Street slides on tech rout, Nasdaq erases 2018 gains

05 April, 2018, 02:03 | Author: Kristi Dunn
  • Trade war with China: What you need to know

Markets were initially spooked as China retaliated to the administration's tariff threats with a slate of tariffs of their own on an estimated $50 billion in imports from the U.S.

US stocks closed sharply higher Wednesday, in the latest example of heavy intraday volatility as investors continued to suss out the likelihood of, or the potential impact from, a trade war between the United States and China.

The Dow Jones industrial surged 389.17 points, or 1.6 percent, to 24,033.36. The S&P 500 index gained 30 points to 2,645, or 1.2%. Boeing Co.'s stock (BA) fell 1%, while heavy-machinery maker Deere & Co.(DE) fell 2.9%.

Amazon and Tesla were among the top drags on Monday, pushing the S&P 500 below its 200-day moving average for the first time since Britain's vote to leave the European Union in June 2016.

Shares of Amazon traded 0.7 percent stronger as of 1.55pm in NY, having fluctuated between gains and losses earlier in the day, as investors tried to assess the impact of US President Donald Trump's latest criticising tweets about the company. The Standard & Poor's 500 index gave up 2.2 percent, to 2,581.88.

US drillers cut seven oil rigs in the week to March 29, bringing the total down to 797, the first decline in three weeks. The tariffs apply to 128 products, ranging from pork and meat to steel pipes.

"We're starting a new quarter on an awfully soft footing", said Art Hogan, chief market strategist at B. Riley RBR.

Tobacco stocks have also shown a strong move to the upside on the day, while gold stocks are pulling back along with the price of the precious metal. "Global trade could slow down, global supply chains could be impacted, and CEOs could be more cautious on capital spending", Toohey said.

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When stumps was finally called, Temba Bavuma had reached 25 and Quinton de Kock was unbeaten on seven. The ongoing series between Australia and South Africa has been in the news for all the wrong reasons.

In Europe, the Stoxx 600 Index ended the day with a 0.5 percent decrease from the previous close. Tyson Foods, which could see its sales in China dip as prices rise, slumped $4.42, or 6 percent, to $68.77.

Investors fear the impact of a growing trade war between the US and China.

In particular though, over the past week President Trump has been going after one of the biggest market drivers, Amazon, which consequently sent the market tumbling. Trump repeatedly criticized the company of late over issues including taxes and Amazon's shipping deals with the U.S. Postal Service.

Shares of Tesla jumped, up 8.2 percent as of 2.05pm in NY, after the vehicle maker reassured investors by saying it will not need to raise additional capital this year. Brent crude, used to price global oils, slid $1.33, or 1.9 percent, to $68.01 a barrel in London.

State Street rose 1.2 percent Tuesday.

Specialist Thomas McArdle, left, works with traders John Panin, center, and Jeffrey Vazquez on the floor of the New York Stock Exchange, Monday, April 2, 2018. Yield on 10-year Treasury note rose after dropping to two-month lows on Monday, boosted by safety buying as stocks tumbled.

The Dow Jones industrial average climbed 114 points, or 0.5 percent, to 23,742.

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