Abril 20, 2018

Wall Street plummets, Nasdaq erases gains this year

04 Abril 2018, 05:48 | Dolorita Barahona

Stock Markets Rise Despite China Trade Retaliation

Dow Jones Industrial Average Technicals in Focus

If the President follows through on that vow, and Beijing responds in kind, many US companies could find themselves effectively locked out of China. The Russell 2000 index of smaller-company stocks fell 34 points, or 2.3 percent, to 1,494.

The Nasdaq composite increased 71 points, or 1 percent, to 6,941.

The S&P 500 fell 58 points, or 2.2 percent, to 2,581, slightly above its low for the year reached February 8. The index is on pace to end the session at its lowest closing level in nearly three months. SYNNEX posted upbeat earnings for its first quarter, but issued weak earnings outlook for the current quarter. The price of gold and of silver, both considered flights to safety, were up on Monday. Stocks' losses were good for gold, with futures up almost 1.5%, building on their first-quarter advance. Consumer staples was leading the downhill march, followed by information technology, financial services, healthcare and industrials.

So much for the hope that the end of the nasty first quarter would mean the end of the bad news.

Investors were also rattled by China announcing Monday that it is raising import tariffs on US pork, apples and other products, a move that ratchets up trade-war talk between the world's two biggest economies. The tariffs apply to 128 products, ranging from pork and meat to steel pipes.

President Trump imposed $60 billion of tariffs Chinese imports, giving rise to fears of an ensuing trade war.

"It's the continued implosion of the FAANG stocks, partly due to President Trump's tweets, partly due to what we've seen out of Facebook", says Guidestone Capitol Management president David Spika. "With stretched valuations, investors are becoming concerned that they are overpaying for potential growth".

Trade worries also remained after Trump linked his proposal to build a border wall between the USA and Mexico to ongoing NAFTA negotiations between the two countries.

The tank comes after tensions heightened over trade. Twitter, Intel and Cisco were also down in trading Monday.

Stocks are opening higher on Wall Street as the market claws back some of the ground it lost in a plunge the day before.

Shares of Inc fell 4.8 percent after Trump attacked the online retailer over the pricing of its deliveries through the USA postal system and promised unspecified changes.

Tesla's (TSLA) stock fell more than 5 percent. "A lot of this today is being driven by technology".

"The president continues to attack Amazon". Shares of Facebook, Apple Inc. And Tesla, the electric-car marker on the defensive following a deadly accident involving its autonomous driving system, was down more than 5%. Microsoft Corp. (MSFT - Free Report) also gained 2.1% after the company established two separate engineering teams, one for experiences and devices and another for cloud and AI platforms.

The UK Competitions and Markets Authority published two new proposals from 21st Century Fox on Tuesday that are created to address the regulator's concerns that the purchase would give the Murdoch family too much control over UK media.

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. Oil futures ended lower even amid signs of a slowdown in USA drilling activity reported last week and lingering uncertainty for Middle East production.

The pain extended to USA companies that could be harmed by the planned sanctions. Amazon (NASDAQ:AMZN) added 1.52% to US$1,392.80.

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