The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
American futures stand still ahead of jobs data
On Friday, American futures were intact because market participants pause their trading before the latest jobs news later in the day.
As a matter of fact, the S&P 500 futures slumped 0.03% hitting 2,738.50, while Dow futures managed to acquire 0.03% too reaching 24,900.0. Besides this, Nasdaq 100 futures added 0.04% being worth 6,976.25.
The previous month’s jobs report generated worries about inflation and provoked a steep sell-off in shares. Investors will also focus on the nonfarm payrolls to better assess the strength of the American economy.
Donald Trump had a shocking declaration signed. It actually imposes a 25% duty on steel as well as 10% on aluminum imports. The duties are going to take effect in 15 days. However, America’s two leading trade partners, Mexico and Canada will be exempt from these tariffs.
Some market participants along with leaders are afraid the duties could cause a trade conflict. The European Union has told that it’s considering retaliating in a tit-for-tat duty on US exports, including Levi jeans, cranberry sauce and bourbon.
Crude and chemicals transportation company Top Ships Inc appeared to be among the leading performers in pre-market trading, gaining 5.40%. Additionally, Wynn Resorts Limited tacked on 2.17% in the face of news that it was shelling out $2.4 billion for the purpose of settling a lawsuit with Japan’s gaming group Universal dubbed Entertainment.
Furthermore, luxury car maker Tesla edged down 1.61% due to the fact its chief accounting officer decided to leave the company. Toy maker Mattel sank 3.19%, telecommunications giant Nokia headed south 0.85%.
In the European Union equities were mixed. In Germany DAX dived 0.28%, France’s CAC 40 managed to grow 0.12%. The FTSE 100 rallied 0.01% in London. The pan-European Euro Stoxx 50 lost 0.04%, Spain’s IBEX 35 inched down 0.14%.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
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