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?
US futures decline, as US-China trade clashes resume
On Friday, American futures slumped in light trade because clashes between China and America resurfaced.
The S&P 500 futures decreased by 0.16% hitting 2,897.50. The Dow futures slumped by 0.17% coming up with an outcome of 25,967.0. Additionally, the tech heavy Nasdaq 100 futures lost 0.09% hitting 7,641.75.
US leader is eager to proceed with his initiative to slap levies on $200 billion worth of China’s products when the public comment period concludes next week. On Friday, China warned that putting pressure on the Asian country won’t be effective.
Additionally, the European Union offered to remove duties on vehicles, but Trump didn’t find that offer good enough. US President told he’d like to slap a 25% duty on all cars, with the European bloc threatening to adequately respond.
Market participants are monitoring trade talks between Canada and America. On Monday, the US stroke a deal with Mexico.
Trade is anticipated to be light ahead of the Labor Day weekend, as financial markets are going to be unavailable on Monday.
Amazon.com ascended by 0.13% in pre-market trade, right after on Thursday it reached a record $1 trillion in market valuation. Besides this, beverage company Coca-Cola Company gained by 1.11% against the backdrop of news that it was purchasing coffee chain Costa.
In addition to this, alcoholic beverage company Anheuser Busch Inbev headed south by 2.10%. At the same time, luxury car maker Tesla lost 0.30% following news that BlackRock decided to substitute an independent chairman for chief executive Elon Musk.
In the European Union, equities generally slumped. The DAX went down by 0.84%. The CAC 40 inched down by 1.17% in France. The FTSE 100 dipped by 0.48% in London. Moreover, the pan-European Euro Stoxx 50 lost 0.97%, and Spain’s IBEX 35 decreased by 0.79%.
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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