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Wall Street lowers, as levies loom
On Monday, a dive in Amazon and Apple led the S&P 500 as well as Nasdaq indexes down on hopes that US leader intended to proceed with slapping new levies on $200 billion of China’s products and that the Chinese government would respond.
A July list of goods to be affected by the new levies included a number of printed circuit boards, Internet technology products as well as other electronics, putting the emphasis on the impact on big American tech players.
Eventually the final list of goods to be covered wasn’t clear enough, although the technology sector SPLRCT headed south by 0.8% due to the fact Apple that has told the moves could affect a wide array of its goods, inched down by 1.8%.
Chip manufacturer Advanced Micro Devices turned out to be the second most traded equity, heading south by 0.3%. While dives in both the S&P and Dow were minor, the tech-heavy Nasdaq sank nearly by 1%.
Another area set to be affected by the costs of the duties, the consumer discretionary sector SPLRCD headed south by 0.76%, which is the most impressive outcome among the 11 key S&P sectors. Equities in in Amazon and Netflix inched down by 2.3%.
Retailers including Macy's and Kohl's also went down, and the S&P 500 retailers index declined by 1.4%.
An ascend in oil prices on supply fears ahead of American sanctions on Iran, which come true in November assisted equities in key producers. Furthermore, Exxon and Chevron both added nearly 0.7%, thus spurring the Dow Industrials and also pushing the energy sector index up.
5 of the 11 key S&P 500 sectors declined. The CBOE Volatility index also dubbed Wall Street's fear indicator, dipped by 0.66%, which is its first jump for six trading sessions.
The market has started the week with a mixed sentiment…
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.