Wall Street sinks after Trump threatens to slap extra duties on Chinese products

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.

 

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