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?
Wall Street sinks after Trump threatens to slap extra duties on Chinese products
On Friday, the S&P 500 along with the Dow Industrials reversed course to edge down, while the Nasdaq gave up nearly all profits after US leader told that fresh duties are ready to impact $267 billion worth of China’s goods.
Trump's latest threat in the trade clash has showed up, as the world is waiting his decision on slapping duties on $200 billion worth of China’s products.
Japan and America have started trade talks.
8 of the 11 key S&P sectors decreased. The industrial index went down by 0.65%, with equities of trade-sensitive firms Boeing as well as Caterpillar slipping by respectively 1.6% and 0.9%. Moreover, the S&P materials index headed south by 0.84%.
On Friday, American equities have had a bit of a roller-coaster, slumping at the start after the firm August jobs reports provoked rate-lift worries, before Kudlow's remarks soothed traders.
ET the Dow Jones Industrial Average slumped by 0.51% hitting 25,862.04. Besides this, the S&P 500 inched down by nearly 0.21% showing 2,871.96, while the Nasdaq Composite rallied by 0.03% demonstrating an outcome of 7,924.98.
Besides this, the defensive real estate index went down by 1.11%, which is the most impressive outcome amidst sectors. As for utilities, they went down by 0.93%.
Moreover, the technology index that was leading the markets up before reversed course to sink by 0.04%. As for the Philadelphia SE Semiconductor index, it gave up profits, standing still.
Chipmaker Broadcom managed to ascend by up to 6.7% after a strong current-quarter profit estimate.
In addition to this, Tesla declined by 6.4% reacting to the latest top management exits as well as mounting investor fears as for Chief Executive Elon Musk's outrageous behavior.
The S&P index posted 36 fresh 52-week maximums.
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!
WTI oil prices jumped up after Donald Trump’s 2 tweets
Today the US nonfarm payroll data will be reported that could cause fluctuations of the market.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.